Mobilink Bank, one of Pakistan’s largest microfinance banks, has signed an agreement to buy 82.51% of Apna Microfinance Bank. If the deal clears, Apna’s depositors would end up as customers of a larger bank.
The purchase still needs legal and regulatory approvals, so nothing changes for Apna account holders yet. Mobilink Bank says they will keep access to their accounts and services while the transaction goes through.
The agreement was signed by Mobilink Bank’s president and CEO Haaris M. Chaudhary and Apna’s chairman Muhammad Akram Shahid, with senior people from both banks and JazzWorld present. Mobilink Bank says the aim is to protect Apna’s depositors and keep confidence in the bank.
Once the deal completes, Mobilink Bank says Apna customers will get its nationwide branch presence, its Islamic banking products and a wider range of digital financial services run on JazzCash, which the bank pitches as a more secure and convenient experience. Aamir Ibrahim, who chairs Mobilink Bank and is CEO of JazzWorld, tied the purchase to the group’s wider financial services push.
Mobilink Bank calls the purchase an extension of its “Growth with Purpose” strategy. For the group, Ibrahim pointed to a chain of businesses: JazzCash for payments, JazzSure (formerly TPL Insurance) and FikrFree for insurance, and Mobilink Bank for farmers and small businesses. Apna would bring its depositors into that group.
Nazish Ali, Apna’s acting CEO, called it the start of a new chapter and promised service continuity for customers, depositors and staff while the sale proceeds. No completion date has been given, and the price was not stated.
