Tameer Bank has accepted an offer from Telenor Group for the purchase of 49% shares in the bank, we have checked with sources. Telenor Pakistan was already majority stake holder in Tameer Bank with its 51% shares and after the transaction, Telenor Pakistan will become the sole stake holder of the bank.
A source, who is directly aware of the development, said that Tameer Bank’s shareholders have approved the offer from Telenor and transaction is currently with State Bank of Pakistan for regulatory approval before it is made public.
According to another source, Nadeem Hussain, who has been the CEO of Tameer bank and a stakeholder, is likely to step down after SBP’s approval for the buyout. He will, however, retain his position at Tameer Bank board as a board member.
Tor Odland, Vice President, Head of Communication at Telenor Group Asia, in an email communication, confirmed ProPakistani of the ongoing buyout talks with Tameer Bank but declined to comment on the outcome. “Until this discussion has been concluded, we are not able to share any further details”, said Mr. Odland.
Telenor Pakistan had first bought 51% shares in Tameer Bank back in 2008 for USD 12.5 million dollars, after which they started Easypaisa — a mobile financial service — that currently holds 55 percent market share in all MFS transactions in the country.
Mobile financial services transacted a total of 372 billion rupees through 66 million transaction during Q4 of 2014, almost half of which were processed through Easypaisa.
Easypaisa recently started Easypay service, an online payment solution aimed at tapping unexplored e-commerce industry of Pakistan that values around 100 million dollar a year, up from 60 million dollar a year just six months ago.
Easypaisa currently accounts more than 10% of revenues of Telenor Pakistan.