The State Financial institution of Pakistan (SBP) has allowed United Financial institution Restricted (UBL) for due diligence to accumulate Telenor Microfinance Financial institution, a bourse submitting stated on Tuesday.
“The SBP had granted in-principle approval to UBL to begin the due diligence of Telenor Microfinance Financial institution Restricted (TMB) for the proposed acquisition of 55 % sponsor shares in TMB, at the moment held by Telenor Pakistan BV (working underneath the Easypaisa model title), topic to the compliance with the relevant legal guidelines, guidelines, and laws,” UBL knowledgeable the Pakistan Inventory Alternate (PSX).
TMB is the primary scheduled microfinance financial institution of Pakistan that’s designed to function like a fintech, and to advertise monetary inclusion by empowering all Pakistanis to adapt handy and safe digital monetary options by means of its flagship digital funds platform Easypaisa.
Telenor Microfinance Financial institution is collectively owned by Telenor Group, the main telecommunications firm throughout Scandinavia and Asia with 174 million prospects, and Ant Group, operator of the world’s main cost and way of life platform Alipay that’s additionally an affiliate firm of Alibaba Group.
Telenor Microfinance Financial institution, previously Tameer Microfinance Financial institution, is a Pakistani microfinance financial institution which relies in Karachi, Pakistan. It was based in 2006 by Nadeem Hussain as Tameer Microfinance Financial institution which was later acquired by Telenor Pakistan