Norway’s telecom giant acquires Tameer Microfinance Bank
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.