FINCA, Apna Bank halt merger talks

LAHORE: FINCA Microfinance Bank Limited and Apna Microfinance Bank Limited have suspended merger talks after completing a due diligence process, a statement said on Saturday.

“The due diligence process demonstrated that a merger between FINCA Microfinance Bank and Apna Microfinance Bank will not be beneficial for our customers,” Jahanzeb Khan, president and CEO of FINCA said. “We will continue to explore other options to expand our market share and further increase our impact on financial inclusion in Pakistan.”

Mian M.A. Shahid, chairman of Apna Bank, also confirmed that both sides have mutually decided not to move forward with a merger.