December 29 2021: The Board of Directors of the Bank of Punjab (“BOP”) has taken an in principle decision to explore the possibility of acquiring a strategic stake in NRSP Microfinance Bank Limited (the “NRSP MF Bank”) from the National Rural Support Programme (“NRSP”) together with any other shareholder of NRSP MF Bank.
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NRSP is interested in selling its shares to BOP (the “Potential Sellers”) and in this respect the BOP has entered into a Memorandum of Understanding to proceed with high level discussions with NRSP. Any actual investment by the BOP will be subject to decision of the Board of Directors, due diligence, procurement of all applicable regulatory and corporate approvals and compliance with the requirements of law.
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The Board has further authorized the BOP to, subject to receipt of the prior approval of the State Bank of Pakistan, conduct due diligence of NRSP MF Bank and based on the findings of the due diligence exercise, if the management of the BOP so deems fit, proceed with the drafting and negotiations of definitive documents with the Potential Sellers.
