Telenor Group and Tameer Microfinance Bank Ltd. have announced today that the companies have completed a transaction whereby Telenor Group has acquired the remaining 49% of the shares of Tameer Microfinance Bank Limited (hereinafter referred to as Tameer), making Tameer a wholly owned entity within Telenor 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.
Following Telenor Group’s 100% acquisition of Tameer Microfinance Bank, Telenor Pakistan will, with immediate effect, transfer the management of Easypaisa to Tameer.
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 evolution.”
Michael Foley, Chairman Board of Directors Tameer Microfinance Bank and CEO Telenor Pakistan said, “Tameer’s team is 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.