VEON’s Mobilink Bank Signs Agreement to Acquire 82.5% of Apna Microfinance Bank

VEON’s Mobilink Bank signs agreement to acquire 82.5% of Apna Microfinance Bank, enhancing financial services in Pakistan.

Quiver AI Summary

VEON Ltd. announced that its banking subsidiary, Mobilink Microfinance Bank, has signed a Share Purchase Agreement to acquire 82.5% of Apna Microfinance Bank, pending necessary regulatory approvals. This acquisition aligns with Mobilink Bank's "Growth with Purpose" strategy, aiming to enhance access to financial services especially for underserved communities in Pakistan. Apna Bank's established network will integrate into Mobilink Bank's operations, expanding its Islamic banking offerings and digital capabilities. VEON's CEO emphasized the importance of this acquisition in promoting financial inclusion and supporting small businesses in a high-growth market like Pakistan. Mobilink Bank has been recognized for its innovative financial services and commitment to economic opportunity in the region.

Potential Positives

Mobilink Bank's acquisition of Apna Bank will significantly expand its branch network and service offerings, enhancing access to financial services for underserved communities in Pakistan.
The agreement aligns with Mobilink Bank's "Growth with Purpose" strategy, emphasizing responsible growth and financial inclusion, which may strengthen its market position as a leading microfinance bank.
VEON's investment in Pakistan's digital financial services signals confidence in the region's growth potential, likely attracting further interest from investors and partners.
Mobilink Bank's recent accolades for financial inclusion and technology use bolster its reputation and credibility in the financial services market, potentially leading to increased customer trust and loyalty.

Potential Negatives

The acquisition is subject to regulatory approvals, which introduces uncertainty and risk regarding whether the transaction will ultimately be completed.
The press release includes numerous forward-looking statements that acknowledge potential risks and uncertainties, suggesting that actual results may differ materially from expectations.
The mention of "prudent, well-governed growth" may imply that past growth strategies were not as disciplined or effective, potentially eroding stakeholder confidence.

FAQ

What is the recent acquisition involving Mobilink Bank?

Mobilink Bank has signed a Share Purchase Agreement to acquire 82.5% of Apna Microfinance Bank Limited.

How will this acquisition impact financial services in Pakistan?

The acquisition aims to expand access to financial services for underserved communities across Pakistan.

What is Mobilink Bank's strategy with this acquisition?

The deal supports Mobilink Bank’s "Growth with Purpose" strategy, focusing on disciplined growth and financial inclusion.

What approvals are needed for the acquisition to proceed?

The transaction is subject to regulatory approvals from the State Bank of Pakistan and the Competition Commission of Pakistan.

How many customers does VEON serve across its financial platforms?

VEON Digital Financial Group serves 59 million active financial services customers across several countries, including Pakistan.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$VEON Insider Trading Activity

$VEON insiders have traded $VEON stock on the open market 3 times in the past 6 months. Of those trades, 3 have been purchases and 0 have been sales.

Here’s a breakdown of recent trading of $VEON stock by insiders over the last 6 months:

AUGIE K II FABELA has made 3 purchases buying 20,000 shares for an estimated $1,120,053 and 0 sales.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API insider transaction endpoint.

$VEON Hedge Fund Activity

We have seen 57 institutional investors add shares of $VEON stock to their portfolio, and 46 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

BNP PARIBAS ASSET MANAGEMENT HOLDING S.A. removed 471,261 shares (-94.0%) from their portfolio in Q2 2026, for an estimated $24,604,536
HELIKON INVESTMENTS LTD removed 344,522 shares (-100.0%) from their portfolio in Q2 2026, for an estimated $17,987,493
PICTET ASSET MANAGEMENT HOLDING SA removed 284,145 shares (-100.0%) from their portfolio in Q3 2026, for an estimated $21,006,839
VR ADVISORY SERVICES LTD added 207,558 shares (+52.7%) to their portfolio in Q2 2026, for an estimated $10,836,603
WELLINGTON MANAGEMENT GROUP LLP removed 175,449 shares (-18.4%) from their portfolio in Q2 2026, for an estimated $9,160,192
WALLEYE CAPITAL LLC removed 90,486 shares (-100.0%) from their portfolio in Q2 2026, for an estimated $4,724,274
MACKENZIE FINANCIAL CORP removed 78,293 shares (-28.6%) from their portfolio in Q3 2026, for an estimated $5,788,201

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

Full Release

Agreement advances Mobilink Bank’s “Growth with Purpose” strategy and extends VEON’s continued investment in Pakistan’s digital financial services sector

New York, Dubai and Islamabad, November 13, 2026 – VEON Ltd. (Nasdaq: VEON), a global digital operator, today announced that its banking subsidiary in Pakistan, Mobilink Microfinance Bank (“Mobilink Bank”), has signed a Share Purchase Agreement (SPA) for 82.5% shareholding in Apna Microfinance Bank Limited (“Apna Bank”). The agreement is subject to regulatory approvals, including from the State Bank of Pakistan and the Competition Commission of Pakistan. VEON will communicate the transaction’s consideration and anticipated capital requirements once these approvals are obtained.

Over the years, Apna Bank has established an extensive branch network across Pakistan, with a loan book focused on agriculture and small businesses, serving rural and underserved communities that have historically had limited access to formal banking. It remains business as usual for Apna Bank’s customers while the transaction moves through the regulatory approval process. Upon completion, Apna Bank’s network of over 70 business locations will become part of Mobilink Bank’s nationwide network, giving customers broader access to its Islamic banking offerings, digital capabilities and wider financial services ecosystem.

The proposed acquisition extends Mobilink Bank’s “Growth with Purpose” strategy, which pairs disciplined, deposit-led growth with expanding access to formal financial services for underserved population and builds on Mobilink Bank’s position as one of Pakistan’s largest microfinance banks by branch network. Together, JazzCash, JazzSure Insurance (formerly TPL Insurance), FikrFree and Mobilink Bank form VEON’s financial services portfolio in Pakistan, spanning payments, insurance and banking within one integrated ecosystem that, following the acquisition, will be extended by Apna Bank’s lending portfolio in agriculture and small businesses.

“Pakistan remains a high-growth market for VEON. This agreement brings together Mobilink Bank’s digital capabilities and Apna Bank’s experience serving agriculture, and micro-enterprises, creating an opportunity to reach more underserved communities. Our focus is on disciplined investment, responsible growth and sustainable value for customers and shareholders,” said Kaan Terzioglu, Group Chief Executive Officer of VEON.

“This agreement reflects Mobilink Bank’s confidence in Pakistan’s financial sector and our commitment to prudent, well-governed growth. Our focus is on expanding financial inclusion, enabling small businesses and creating wider economic opportunity across the country, while ensuring a seamless integration as the transaction progresses,” said Haaris M. Chaudhary, President and Chief Executive Officer of Mobilink Bank.

VEON Digital Financial Group serves 59 million active financial services customers across Pakistan, Kazakhstan and Uzbekistan as of Q3 2026, a figure that reflects active user accounts across the Group’s payments, insurance and banking products and may include customers using more than one service. The proposed acquisition further advances VEON’s strategy of building leading digital financial services ecosystems across its markets, complementing recent regulatory and commercial milestones in Kazakhstan and Bangladesh.

About VEON

VEON is a digital operator that provides connectivity and digital services to over 152 million connectivity customers and 221 million digital users. Operating across five countries that are home to more than 6% of the world's population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ. For more information, visit: https://www.veon.com .

About Mobilink Microfinance Bank

Mobilink Microfinance Bank Limited operates through digital channels and a network of 132 branches across Pakistan. The Bank focuses on advancing financial inclusion through innovative, accessible, technology-enabled financial services. The Bank has recently been recognized by FinanceAsia across three Pakistan categories: Best Bank for Financial Inclusion, Best Bank for Use of Technology and Best Digital Bank and also claimed the award for Best Digital Banking Services of the year for the fourth year in a row from CFA Society Pakistan. It also ranked #1 on the State Bank of Pakistan’s Banking on Equality Scorecard for the third consecutive year. Mobilink Bank is certified as a Top Employer by the Top Employers Institute and was also named Best in Industry - Banking at the Best Place to Work Pakistan Awards 2025. For more information, visit: https://mobilinkbank.com/

Forward Looking Statements Disclaimer

This release contains “forward-looking statements”, within the meaning of the Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements relating to the closing of the Apna Bank acquisition, the expected impact of the acquisition and our performance and strategic ambitions. There are numerous risks and uncertainties that could cause actual results and performance to differ materially from those expressed by such statements, including risks relating to closing of the Apna Bank acquisition, the expected impact of the acquisition and our performance and strategic ambitions, among others discussed in the section entitled “Risk Factors” in VEON’s 2025 Form 20-F filed with the SEC on March 16, 2026 and other public filings made by VEON with the SEC. The forward-looking statements contained herein speak only as of the date of this release and VEON disclaims any obligation to update them, except as required by law.

Contact Information

VEON
[email protected]