Breaking: Telenor Pakistan acquires 51% of Tameer Microfinance Bank

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.

Tech and telecom reporter with over 15 years of experience, he works as founder of ProPakistani.PK

    • Banking sector is the root cause of this crisis so why one would go for that?

      I guess they have done this for introducing m-commerce services…

      Lets see…!

      • Dear,

        Saqib is right! Telenor is looking towards providing financial services on one’s phone… from ur phone u pay and u send money transfers…

        Dear Shoby,

        while in crisis, no company invests! there might be some other game!

  • cum on guys! dis is becuz nt evn a single bank has failed in pakistan! thnx to the corruption i.e. banks pay lower taxes nd look at the ever increasing interest rates manz!

    wen u go in a bank to opena savings or current a/c the managers asks himself whether u wnt to keep ur money in pak or outside i mean its illeagal nd state bank has nt evn taken a single notic against it they hv nt evn sent a single warning to any bank or ordered the closin ov any bank if it is doing illegal works

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