Telenor Microfinance Bank

Telenor Microfinance Bank, formerly Tameer Microfinance Bank, is a Pakistani microfinance bank which is based in Karachi, Pakistan. It was founded in 2006 by Nadeem Hussain as Tameer Microfinance Bank which was later acquired by Telenor Pakistan.[1]

Telenor Microfinance Bank
Private
IndustryMicrofinance
Founded2006 (2006)
FounderNadeem Hussain[1]
HeadquartersKarachi, Pakistan
Key people
Mohammad Mudassar Aqil (President & CEO)
Products
  • Loans
  • Savings
  • Consumer Banking
ParentTelenor Group
Ant Financial (45%)
SubsidiariesEasypaisa
Websitetelenorbank.pk

History

In November 2008, Telenor Pakistan acquired 51 percent shares in Tameer Microfinance Bank for $12.5 million.[2] In March 2016, Telenor Pakistan acquired the remaining 49 percent shares of Tameer MicroFinance Bank for an undisclosed sum.[1][3]

In March 2018, a memorandum of understanding was signed between the Telenor Group and the Ant Financial for a strategic partnership agreement according to which the Ant Financial was to invest $184.5 million in the micro-finance bank.[4] In November 2018, the Competition Commission of Pakistan approved Alipay's – a subsidiary of Ant Financial – acquisition of 45% shareholding in the micro-finance bank for $184.5 million.[5]

See also

References
  1. "Telenor buys Tameer Bank". The Express Tribune. 17 March 2016.
  2. "Telenor acquires 51 percent shares of Tameer Microfinance Bank". Aaj News. November 22, 2008.
  3. "Telenor acquires Tameer Bank". Business Recorder. March 18, 2016.
  4. "Telenor Bank: Chinese group to invest $184.5m". The Express Tribune. 14 March 2018.
  5. "CCP approves Alipay's 45% stake in Telenor Microfinance Bank". The Express Tribune. November 8, 2018.


This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.