Orascom Nearing Microfinance Bank Acquisition in Pakistan

Orascom Telecom, parent organization of Mobilink, is reportedly in talks to acquire a microfinance bank in Pakistan to enter the financial business and strengthen its appearance in the country.

Previously Naguib Sawiris, Executive Chairman, Orascom has shown his interest for buying Microfinance bank, it looks the deal has been maturing now.

The News has reported that a delegation of Orascom comprising almost seven members including the former CEO Mobilink Zohair Khaliq is currently in Pakistan to look this deal.

In this regard the first round of talk between the Orascom people and State Bank of Pakistan (SBP) was already held while the company has seriously been looking to acquire the microfinance bank in order to improve the mobile commerce services.

It merits mentioning here that Telenor Pakistan acquired Tameer Microfinance Bank to promote its mobile based banking services and currently providing various financial services through mobile services.

Orascom did try to buy RBS last year, however, the deal didn’t go through.

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