Mobilink Bank to acquire 82.51pc stake in Apna Bank

ISLAMABAD - Mobilink Bank has entered into a Sale Purchase Agreement (SPA) to acquire a majority stake of 82.51 percent in Apna Microfinance Bank Limited (Apna Bank). This acquisition aligns with Mobilink Bank's "Growth with Purpose" strategy, which emphasizes responsible growth, financial inclusion, and a robust banking ecosystem. The deal aims to bolster Mobilink Bank's standing as a trusted leader in the banking sector and ensure the interests of Apna Bank's depositors are protected.

Upon the completion of the transaction, Apna Bank's customers will seamlessly transition into a larger, financially resilient institution that continues to provide them with uninterrupted access to their accounts and services. They will also gain access to Mobilink Bank's extensive nationwide presence, Islamic Banking offerings, and an expanded digital financial services ecosystem powered by JazzCash. This move will create a more secure, convenient, and future-ready banking experience for the customers.

Aamir Ibrahim, Chairman and CEO of Mobilink Bank, stated that Mobilink Bank has been constructing a comprehensive financial services ecosystem for Pakistan. This ecosystem includes JazzCash's extensive reach in payments, JazzSure Insurance (formerly TPL Insurance), and FikrFree's modern insurance offerings, all of which currently lack adequate insurance penetration in the market.

By acquiring Apna Bank, Mobilink Bank is extending its ambition into banking for agriculture and micro-enterprises. Each of these businesses complements the others, bringing Mobilink Bank closer to a Pakistan where every citizen, irrespective of their location or occupation, has access to the financial tools necessary for growth.

Speaking on the signing of the SPA, Haaris M Chaudhary, President and CEO of Mobilink Bank, emphasized that Mobilink Bank has developed strong digital capabilities, scale, and customer reach over time. As a customer-centric organization, Mobilink Bank is committed to ensuring a smooth transition for Apna Bank customers and making their incorporation into a larger, future-ready institution as seamless as possible. This process will be supported by close coordination across teams throughout the transaction.