Nor­way’s tele­com gi­ant ac­quires Tameer Mi­cro­fi­nance Bank

The Pak Banker - - FRONT PAGE - Muham­mad Yasir

Nor­way Tele­com Gi­ant has ac­quired 100 per­cent stakes of Tameer Mi­cro­fi­nance Bank Ltd with the pur­chase of the re­main­ing 49pc of shares of lead­ing mi­cro­fi­nance bank.

Ac­cord­ing to top of­fi­cial, the con­clud­ing share sale pur­chase deal will not only make Te­lenor Group as owner of 100 per­cent shares of mi­cro­fi­nance bank but it will lead to ter­mi­na­tion of as­so­ci­a­tion Te­lenor Pak­istan with the bank.

Easy­paisa will no more the prod­uct of Te­lenor Pak­istan since its in­cep­tion but it will re­main the whole ser­vice of Tameer Mi­cro­fi­nance Bank and Te­lenor Pak­istan agents will strate­gic al­liance of the bank, said Nadeem Hus­sain Pres­i­dent and CEO of Tameer Mi­cro­fi­nance Bank. Hence, Te­lenor Pak­istan will, with im­me­di­ate ef­fect, trans­fer the man­age­ment of Easy­paisa to Tameer. Te­lenor Group ac­quired 51 per­cent share of Tameer Bank in 2008 at $12.5 mil­lion whereas the re­main­ing shares of 49 per­cent made its higher val­ues than pre­vi­ous due to ex­pan­sion of the busi­ness and op­er­a­tion by the bank, he said while re­luc­tant to share de­tails of ac­qui­si­tion re­lated to share price upon which trans­ac­tion was com­pleted suc- cess­fully. As part of this trans­ac­tion Nadeem Hus­sain, Founder of Tameer Bank will re­lin­quish his po­si­tion as Pres­i­dent and Chief Ex­ec­u­tive Of­fi­cer. In recog­ni­tion of Nadeem Hus­sain's deep knowl­edge of Mi­cro­fi­nance In­dus­try, Te­lenor Group will ap­point Hus­sain as a mem­ber of the Board of Tameer. The board of Di­rec­tors of Tameer has voted to ap­point Ali Chaudhry as the Pres­i­dent and Chief Ex­ec­u­tive Of­fi­cer, re­plac­ing Nadeem Hus­sain. Th­ese se­nior level changes are sub­ject to ap­proval from State Bank of Pak­istan and will be ef­fec­tive from the date of such ap­provals.

Tameer has fun­da­men­tally changed the face of Fi­nan­cial In­clu­sion in Pak­istan. This team has built an ef­fec­tive model that will serve as a global bench­mark for years to come. I have im­mense pride in what we have been able to achieve so far, and am con­fi­dent that Tameer will con­tinue to grow suc­cess­fully," said Nadeem Hus­sain. "Tran­si­tions like th­ese are al­ways a mo­ment of mixed emo­tions. Nat­u­rally I am a lit­tle sad to leave Tameer as it rep­re­sents a long la­bor of love and a decade of in­no­va­tion, but I am more ex­cited as it moves on to the next step in its evolu- tion, Nadeem Hus­sain said.

Michael Fo­ley, Chair­man Board of Di­rec­tors Tameer Mi­cro­fi­nance Bank and CEO Te­lenor Pak­istan said, "Tameer's teamis mak­ing a last­ing con­tri­bu­tion to the fab­ric of the na­tion and mil­lions of Pak­istani's owe their ac­cess to fi­nan­cial ser­vices, and the em­pow­er­ment that comes with it to the ser­vice of Tameer and Easy­paisa". He fur­ther added,"We are very ex­cited to wel­come all of Tameer Bank as part of the Te­lenor fam­ily and ex­pect that the Tameer team will bring its own brand of en­trepreneur­ship to the wider group.

This trans­ac­tion is the recog­ni­tion of Tameer's strong per­for­mance and lead­er­ship in the Mi­cro­fi­nance in­dus­try as well as Te­lenor Group's con­tin­ued strate­gic in­vest­ment within Fi­nan­cial Ser­vices.

With the vi­sion­ary col­lab­o­ra­tion be­tween Tameer and Te­lenor, Easy­paisa has be­come a global ex­am­ple of in­no­va­tion in bring­ing fi­nan­cial in­clu­sion through mo­bile. We ac­knowl­edge this ac­qui­si­tion as a tes­ta­ment of our growth in Pak­istan and the re­ward af­fil­i­ated to it - em­power so­ci­eties." said Tine Wolle­bekk, Head of Fi­nan­cial Ser­vices, Te­lenor Group. "This ac­qui­si­tion gives us an even stronger plat­form to pro­vide wide scale fi­nan­cial ser­vices to the un­banked pop­u­la­tion in the coun­try. It also strength­ens our lead­er­ship po­si­tion in dig­i­tiz­ing fi­nan­cial ser­vices in Pak­istan." she adds.

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