Exclusive: Telenor Plans to Acquire Remaining Stakes in Tameer Bank

Telenor Pakistan, 51 percent owner of Tameer Microfinance Bank’s shares, is planning to buyout all remaining stakes in the bank, we have confirmed with sources.

Telenor had bought 51 percent shares in Tameer Bank back in 2008 for USD 12.5 million (PKR 1 billion approximately), as a regulatory requirement for starting mobile financial services, i.e. Easypaisa.

Then – or even now – banks are supposed to lead a mobile financial service while other organizations such as telcos can be part of such a venture. Instead of partnering with a bank, Telenor had opted to buy majority shares in Tameer Bank almost a year before it launched Easypaisa.

After five years, Telenor Pakistan is now up for cent-percent buyout of the bank. For the purpose State Bank of Pakistan has approved Telenor’s request for due diligence of Bank for acquisition of remaining shares.

Easypaisa –  a joint venture of Telenor Pakistan and Tameer bank — has become a major contributor (up to 10 percent) for Telenor’s revenues.

All cellular operators, except Warid Telecom, now offer mobile financial services. Habib Bank Limited and United Bank Limited also offer mobile financial services in the country.