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Telenor acquires major stake in TMB
SHR Jahfery
Islamabad—Telenor Pakistan has entered into an agreement to acquire
51 per cent of the shares in Tameer Microfinance Bank (TMB) for a
foreign direct investment (FDI) of USD 12.5 million (PKR 1 billion
approximately) through a direct rights issue. The proceeds from the
rights issue will be used to finance the further development of the
bank. The transaction is subject to full regulatory approval.
“The acquisition of 51 per cent of the shares in Tameer Microfinance
Bank (TMB) is part of our strategy to offer financial services in
Pakistan,” said Jon Eddy Abdullah, CEO of Telenor Pakistan. “We are
pleased with the deal we have entered. Telenor is a solid partner
for further growth, and we have a common view about how financial
and telecommunication sectors together can improve customer
offerings by combining services,” said Nadeem Hussain, President and
Chief Executive Officer Tameer Bank. Telenor Pakistan is a 100%
subsidiary of Telenor Group and a leading mobile operator in
Pakistan with more than 18 million subscribers. Telenor Pakistan has
2500 employees.
The Telenor Group has close to 160 million mobile subscribers
worldwide, with revenues of NOK 105 billion (approximately USD 19
billion) in 2007 (including Kyivstar). The Telenor Group has more
than 35800 employees, of which 25600 operate outside Norway. Telenor
is listed on Oslo Stock Exchange. Tameer Bank, a fast growing
microfinance bank licensed by State Bank of Pakistan in August 2005,
has a current network of 27 on-line branches and 23 sales & service
centers across Sindh and Punjab.
It has given a new complexion to the microfinance sector through the
induction of innovative, technology-driven financial services.
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