Orascom May Buy a Bank in Pakistan

Orascom Telecom may seek an opportunity of owning a bank in Pakistan, reported Total Telecom, citing Naguib Sawiris, Executive Chairman, Orascom.

“We wanted to buy a bank in Pakistan, but we didn’t succeed because our price came second. We are continuing and we might replace this bank by getting a microfinance license. This license will give us the same freedom as if we had a bank,” Chairman Naguib Sawiris said at a press conference.

After Telenor is having majority stakes in Tameer bank and then initiating mobile banking services has proved the successful synergy of telco and banking sector.

Orascom had earlier tried to buy RBS bank, which it couldn’t in the end.

Lately through its subsidiary Mobilink, Orascom has tried offering mobile commerce solution such as Mobilink Genie, however, it could not leave the impact.

This statement from chairman is evidence of Orascom’s ultimate interest in mobile commerce.

It merits mentioning here that Orascom is holding its investments for Pakistan in core services of cellular or Broadband Internet.

Tech reporter with over 10 years of experience, founder of ProPakistani.PK