Telenor Group today announced that it has obtained all regulatory approvals to rename Tameer Microfinance Bank to Telenor Microfinance Bank, we have checked.
Introducing Telenor Microfinance Bank Ltd. (formerly Tameer Microfinance Bank Ltd.) pic.twitter.com/mT1rz2ovf6
— Telenor Bank (@TelenorBankPk) March 26, 2017
Telenor Group had initially acquired 51% stakes in Tameer Microfinance bank back in 2008, which lead to the launch of Easypaisa in 2009, a joint collaboration between Telenor Pakistan and Tameer Bank.
Telenor Group later on bought the remaining shares in Tameer Bank, a move that enabled it to take full control of the bank.
Ali Riaz Chaudhry — who was appointed last year — will continue to be the President and CEO of Telenor Bank. He will also retain control of Easypaisa that was previously under Telenor Pakistan.
Renaming the bank doesn’t change much in how the bank will operate or how it offers services to the consumers. However, with a new name and branding to go with it, the bank is likely to make a fresh start.
Mr. Ali Riaz is also likely to host an event in Karachi today where he will introduce and explain his new vision and the direction of the bank with the press.
Below is the official PR on the development:
KARACHI, March 27, 2017: After about a year of its 100% acquisition by the Telenor Group, Tameer Microfinance Bank has been rebranded as Telenor Microfinance Bank.
The Bank, established in 2005, is best known for its joint venture with Telenor Pakistan for the launch of Pakistan’s first and now the largest branchless banking service Easypaisa, in 2009.
Mr. Ali Riaz Chaudhry, President & CEO of the bank, announced the new corporate identity at a media briefing. He added, “Our new name represents a significant foreign direct investment in Pakistan’s banking sector. We are proud of pioneering the journey of innovating financial services ecosystem in Pakistan, which started with the launch of Easypaisa – our mobile banking platform and a catalyst of future banking. As we continue to grow, we remain committed to empowering the underserved people of Pakistan through convenient, affordable and secure digital financial services.”
Speaking at the event, the Executive Director of the State Bank of Pakistan, Mr. Syed Samar Hasnain, said, “I congratulate Telenor Microfinance Bank on its successful transition and appreciate its lead in providing digital financial services to millions of Pakistanis. I am positive that the Bank, with a mobile banking platform like Easypaisa, will continue to promote financial inclusion in the country. The State Bank of Pakistan will continue supporting initiatives aimed at providing financial services to the segments still excluded from the mainstream financial system.”
The management of Telenor Microfinance Bank remains the same, and all future business activities will be conducted under the new name.