Telenor Microfinance Bank has announced today that the CEO and President, Ali Riaz Chaudhry, has decided to pursue his career outside of Telenor and has resigned from the bank.
Ali will be joining a Digital Financial Services business in the U.K. as its CEO and will be based in London.
“I am extremely thankful to Telenor and to the Board for providing me the opportunity to serve the company and the cause of financial inclusion. Working with a winning team, to establish the bank as the leading Digital Financial Services Provider, has been a privilege. I wish Telenor Microfinance Bank the very best in continuing as a strong leader in digital financial services,” Ali said.
Roar Bjærum, Head of Telenor Financial Services, expressed, “Ali has been the key architect and driving force of the bank’s transformation journey: he and his team merged the Easypaisa and branch banking business, created an operationally efficient microfinance model and introduced digital lending. Ali is leaving behind a strong footprint, a solid strategy and a capable team. I would like to thank him for his vision and unconditional commitment to Telenor Microfinance Bank and the cause of financial inclusion. We wish him all the best for this next endeavor.”
The Board of Directors of the bank has appointed Shahid Mustafa as the new CEO of Telenor Microfinance Bank.
His appointment is subject to approval from the State Bank of Pakistan. Further announcement will be made in due course.