Breaking: Telenor Pakistan acquires 51% of Tameer Microfinance Bank
By Aamir Attaa · Friday, Nov 21, 2008
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Telenor Pakistan has acquired 51 per cent of the shares in Tameer Microfinance Bank 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.
Tameer Bank is a 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.
“The acquisition of 51 per cent of the shares in Tameer Microfinance Bank 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.
Tags: Banking, Investment, Telecom, Telenor
means, free loan for apartment with new SIM
probably they are trying to cop their financial crises by investing into different domains.
Banking sector is the root cause of this crisis so why one would go for that?
I guess they have done this for introducing m-commerce services…
Lets see…!
Dear,
Saqib is right! Telenor is looking towards providing financial services on one’s phone… from ur phone u pay and u send money transfers…
Dear Shoby,
while in crisis, no company invests! there might be some other game!