CCP Approves Bank Alfalah’s Acquisition of Shares in QistBazaar

bank-alfalah

In a significant development in Pakistan’s financial landscape, the Competition Commission of Pakistan (CCP) has granted its approval for a financial institution to enter the consumer market offering “Buy Now Pay Later Service.” The acquisition in question involves QistBazaar (Pvt) Ltd, which has sought the subscription of 7.2% of its shareholding by Bank Alfalah Limited, a leading name in the banking sector.

The Phase-I competition assessment of this transaction, as conducted by the CCP, determined that the proposed acquisition would not result in the acquirer, Bank Alfalah, dominating the relevant market post-transaction. In light of this assessment, the CCP has granted its authorization in accordance with Section 11 of the Competition Act, 2010, and the CCP’s Merger Regulations of 2016.

qist-bazaar
Image of business partners handshaking over business objects on workplace

QistBazaar specialises in offering white goods, electronics, and home goods online through the “buy now pay later” model, making it a significant resource for individuals facing financial challenges in the current inflationary economic climate. With Bank Alfalah’s acquisition of shares, QistBazaar will receive the necessary financial support to enhance its services and improve its infrastructure.

This move is poised to have a dual impact. Firstly, it will open up new opportunities for online consumers, ultimately enhancing competition in the retail sector across the region. This, in turn, is expected to result in improved services for consumers, offering them a wider array of options and more convenience in their shopping experiences.

The CCP has consistently expressed its commitment to removing obstacles and impediments in various sectors of the economy to foster healthy competition. By granting its approval for this acquisition, the CCP is playing a role in enabling financial institutions to support emerging consumer services that can benefit individuals, particularly during challenging economic times. Bank Alfalah’s investment in QistBazaar is expected to bring about positive changes in the consumer market, offering enhanced services and greater convenience to buyers in the region

Ammara Ahmed

Ammara Ahmed

Leave a Reply

Your email address will not be published. Required fields are marked *