ISLAMABAD ( JAVED MAHMOOD )
United Bank Limited is in the process to acquire 55% strategic stake in the Telenor Microfinance Bank and for this purpose UBL has obtained approval from the State Bank of Pakistan to conduct due diligence of the TMB.
The successful completion of the due diligence of Telenor Microfinance Bank will lead to sale of its 55% shares to United Bank Limited.
The UBL management has shared this development with its shareholders and the Pakistan Stock Exchange (PSX) to fulfill a regulatory requirement.
According to notice, “The SBP has granted in-principle approval to the UBL to commence the due diligence of Telenor Microfinance Bank Limited for the proposed acquisition of 55% sponsor shares in TMB, currently held by Telenor Pakistan BV operating under the famous brand-name Easypaisa), subject to the compliance with applicable laws, rules and regulations.”
Telenor Pakistan and Ant Group are the owners of Telenor Microfinance Bank. Ant is an affiliate company of the Alibaba Group, China’s corporate and e-commerce giant with its global presence.
Telenor Microfinance Bank was established in 2005 as Tameer Microfinance Bank. In 2009, the bank launched Pakistan’s first mobile banking platform Easypaisa, transforming digital payments in the country. In 2018, Ant Financial bought 45% share of Telenor Bank.