Telenor Pakistan has acquired 51 per cent of the shares in Tameer Microfinance Bank for a foreign direct investment (FDI) of USD 12.5 million (PKR 1 billion approximately) through a direct rights issue. The proceeds from the rights issue will be used to finance the further development of the bank. The transaction is subject to full regulatory approval.
Tameer Bank is a microfinance bank licensed by State Bank of Pakistan in August 2005, has a current network of 27 on-line branches and 23 sales & service centers across Sindh and Punjab.
“The acquisition of 51 per cent of the shares in Tameer Microfinance Bank is part of our strategy to offer financial services in Pakistan,” said Jon Eddy Abdullah, CEO of Telenor Pakistan.
“We are pleased with the deal we have entered. Telenor is a solid partner for further growth, and we have a common view about how financial and telecommunication sectors together can improve customer offerings by combining services,” said Nadeem Hussain, President and Chief Executive Officer Tameer Bank.