VEON’s Mobilink Microfinance Bank Signs Share Purchase Agreement for 82.5% Stake in Apna Microfinance Bank

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 

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