SBP Grants Approval to MCB for Due Diligence of Telenor Microfinance Bank

After the approval granted by the State Bank of Pakistan to MCB for the initiation of the due diligence to purchase 55% sponsor shares in Telenor Microfinance Bank (TMB). Pakistan Stock Exchange (PSX) posted these information.

According to the discover by the PSX, the State Bank of Pakistan granted MCB a conditional approval for the potential transaction of the 55% shares of Telenor Microfinance Bank Limited by Telenor Pakistan BV, which operates by the model title of Easy Paisa.

On twenty seventh October, 2021 MCB board of Directors held a gathering wherein the 55% share transaction was accepted earlier than hand. The PSX was then notified of the deliberate acquisition and assurance was on condition that as a serious financial institution will assist the microfinance sector the acquisition will probably be for the betterment.

This notification got here ahead just a few days after the United Bank Limited (UBL) was granted the same approval of the proposed acquisition of 55% sponsor shares in TMB.

Telenor Pakistan and Ant Group collectively personal Telenor Microfinance Bank. Ant is an affiliate firm of the Chinese Alibaba Group. Late in 2018, Ant Financial purchased a forty five% share of Telenor Bank.

Back in 2005 the Telenor Microfinance Bank was established as Tameer Microfinance Bank. Later in 2009, first cellular banking platform by the title Easypaisa was launched by the financial institution. With the Easypaisa the mode of fee was digitalized.

According to their monetary assertion, Telenor Microfinance Bank has earned  gross revenue of Rs.1.245 billion by the top of September 2021. Initially, the financial institution was launched as a branchless banking. It is the pioneer in it with the model title Easypaisa. Now the Telenor Bank has expanded its revolutionary providers countrywide.

Also Read: After Easypaisa, Jazz Cash Scam has Made folks Loose Trust in Mobile Wallets


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