ISLAMABAD: The Bank of Punjab (BoP) has decided to acquire a strategic stake in the NRSP Microfinance Bank Limited.
For this purpose, the board of directors of the Bank of Punjab (BOP) has taken a decision to explore the possibility of acquiring a strategic stake in NRSP Microfinance Bank Limited (NRSP MF Bank”) from the National Rural Support Programme (NRSP) together with any other shareholder of NRSP MF Bank interested in selling its shares to BOP.
The BoP has informed the Pakistan Stock Exchange today about its plan of acquiring a stake in NRSP Microfinance Bank Limited and a Memorandum of Understanding (MoU) signed with the bank to proceed with high-level discussions with NRSP.
According to BoP notice, any actual investment by the BOP will be subject to the decision of the Board of Directors, due diligence, procurement of all applicable regulatory and corporate approvals and compliance with the requirements of the law.
Mettis Global, a Karachi-based Fin-Tech company today reported that the board of the BoP has further authorized the bank to (subject to receipt of the prior approval of the State Bank of Pakistan SBP), conduct due diligence of NRSP MF Bank, and on the basis of the findings of the due diligence exercise, if the management of the BOP so deems fit, the bank will proceed with the drafting and negotiations of definitive documents with the potential sellers.
