Competition regulator grants approval to Bank Alfalah to
acquire shares in QistBazaar
The Competition Commission of Pakistan (CCP) has granted
approval for Bank Alfalah's acquisition of shares in QistBazaar, a move that
allows a financial institution to enter the "Buy Now Pay Later
Service" consumer market.
QistBazaar (Private) Limited applied for the acquisition,
seeking to subscribe to 7.2% of its shares by Bank Alfalah Limited. After
conducting a Phase-I competition assessment, the CCP determined that this
acquisition would not result in the Acquirer dominating the relevant market
post-transaction. As a result, the CCP has authorized this transaction under
Section 11 of the Competition Act, 2010, and CCP's Merger Regulations, 2016.
Bank
Alfalah enters into fintech foray
QistBazaar specializes in selling white goods, electronics,
and home goods online using the "buy now pay later" model. Given the
current economic inflation, this service is crucial for individuals facing
financial challenges. Bank Alfalah's investment in QistBazaar will provide the
necessary funding for the improvement of its services and infrastructure.
Moreover, this acquisition will create a new online market
for consumers, fostering increased competition with retailers in the region and
ultimately enhancing consumer services. The CCP is committed to removing
obstacles and promoting competition in all sectors of the economy.
Source: APP