Telenor group acquires Tameer bank


Telenor staff and Tameer Microfinance bank Ltd. have announced lately that the companies have completed a transaction whereby Telenor crew has obtained the remainder 49% of the shares of Tameer Microfinance financial institution restricted (hereinafter known as Tameer), making Tameer an entirely owned entity inside Telenor staff.

“With the collaboration between Tameer and Telenor, Easypaisa has transform a global instance of innovation in bringing financial inclusion through cellular. We renowned this acquisition as a testament of our increase in Pakistan and the reward affiliated to it – empower societies.” said Tine Wollebekk, Head of financial services and products, Telenor crew. “This acquisition provides us an excellent superior platform to offer broad scale financial services to the unbanked inhabitants in the usa.”

Following Telenor workforce’s one hundred% acquisition of Tameer Microfinance bank, Telenor Pakistan will, with fast effect, switch the management of Easypaisa to Tameer.

As a part of this transaction Nadeem Hussain, founder of Tameer bank will relinquish his place as President and Chief govt Officer. In acceptance of Nadeem Hussain’s data of Microfinance trade, Telenor group will appoint Mr. Hussain as a member of the Board of Tameer. The board of administrators of Tameer has voted to nominate Ali Chaudhry as the President and Chief govt Officer, changing Nadeem Hussain. These senior level modifications are subject to approval from State financial institution of Pakistan and will likely be effective from the date of such approvals.

“Tameer has fundamentally modified the face of monetary Inclusion in Pakistan. The group has constructed an efficient variation to be able to function a world benchmark for years to come. i’ve massive delight in what we have been in a position to achieve to this point, and am assured that Tameer will proceed to develop efficiently,” said Nadeem Hussain.

Tameer_Telenor

Michael Foley, Chairman Board of administrators Tameer Microfinance financial institution and CEO Telenor Pakistan said, “Tameer’s group is making a contribution to the nation and millions of Pakistanis owe their get admission to to financial services, and the empowerment that incorporates it.”

“With the visionary collaboration between Tameer and Telenor, Easypaisa has change into a world instance of innovation in bringing financial inclusion via cell. We acknowledge this acquisition as a testomony of our increase in Pakistan and the reward affiliated to it – empowering societies.” mentioned Tine Wollebekk, Head of financial products and services, Telenor staff. “This acquisition gives us an even better platform to provide huge scale monetary products and services to the unbanked inhabitants in the us of a. It additionally strengthens our management position in digitising monetary services in Pakistan.”

Following Telenor staff’s 100 percent acquisition of Tameer Microfinance financial institution, Telenor Pakistan will, with quick effect, transfer the administration of Easypaisa to Tameer.

As a part of this transaction Nadeem Hussain, founder of Tameer bank will relinquish his position as President and Chief govt Officer. In popularity of Nadeem Hussain’s deep information of microfinance industry, Telenor workforce will appoint Hussain as a member of the Board of Tameer. The board of administrators of Tameer have voted to appoint Ali Chaudhry because the President and CEO, replacing Hussain. These senior level adjustments are subject to approval from State financial institution of Pakistan and will likely be effective from the date of such approvals.

“Tameer has basically modified the face of economic Inclusion in Pakistan. This team has built an effective version with a purpose to serve as a global benchmark for future years. i have large pleasure in what we’ve been able to reach thus far, and am confident that Tameer will proceed to grow successfully,” mentioned Hussain.

Michael Foley, Chairman Board of directors Tameer Microfinance bank and CEO Telenor Pakistan said, “Tameer’s crew is making an enduring contribution to the fabric of the nation and thousands and thousands of Pakistani’s owe their get entry to to financial services, and the empowerment that includes it to the service of Tameer and Easypaisa”. He further delivered, “we’re very excited to welcome all of Tameer bank as part of the Telenor domestic and are expecting that the Tameer staff will bring its personal model of entrepreneurship to the broader workforce.”—originally printed in The news


Telenor group acquires Tameer bank

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