After months of speculation, ProPakistani can today exclusively reveal that the proposed merger between Finca Bank and Apna Microfinance Bank has been shelved.
Our channel checks have confirmed that Finca is now exploring other options and amongst these options are a number of well-known international financial institutions.
The continued speculation about the possible merger with Apna Microfinance created huge interest amongst the banking fraternity and Finca is in the enviable position of being able to explore a number of intriguing partnership opportunities.
While conversations between Finca and potential international partners are in their early stages, the possibility will undoubtedly enhance Finca’s financial position and the service that they offer its customers. This will also have a positive impact on Pakistan’s economy.
Finca Bank and Apna Microfinance Bank were granted permission by the State Bank of Pakistan earlier this year to begin the due diligence process to explore the viability of a merger.
While it is not yet clear why the two banks could not reach an agreement, we can expect a statement in the near future which may provide a clearer picture.