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Last update: Tue, 03 May 2016 08am

Banking & Finance

Pakistan - Banking & Finance

Telenor acquires Tameer Bank The Norway based Telenor Group has purchased the remaining 49 percent shares of Tameer MicroFinance Bank Ltd, in doing so Tameer has become an wholly owned subsidiary of the telecommunication firm.According to local media reports, with the 100 percent acquisition of Tameer Microfinance Bank, Telenor Pakistan will, transfer the management of Easypaisa to Tameer, with immediate effect.Nadeem Hussain, Founder of Tameer Bank will step down from the position of President and Chief Executive Officer, and will be replaced by Ali Chaudhry, appointed by the board of directors. However, Hussain will be appointed as a member of the Board of Tameer“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 ...

Pakistan - Banking & Finance

Pakistan's Liquid Foreign Reserves reaches over US $ 20.718 billion ISLAMABAD: The total liquid foreign reserves held by the country stood at US$20,718.4 million on March 11, 2016.Giving the break-up of the foreign reserves position, a statement of the State Bank of Pakistan (SBP) said that Foreign reserves held by the State Bank of Pakistan stood at US$ 15,859.0 million while Net foreign reserves held by banks were US$ 4,859.4 million as on March 11, 2016.The SBP said that during the week ending March 11, ...

Pakistan - Banking & Finance

Old design banknotes cease to be legal tender with effect from December 1, 2016: SBP ISLAMABAD: A Spokesman of the State Bank of Pakistan (SBP) has said that as per Federal Government's Gazette Notification of June 4, 2015, the old design banknotes would cease to be legal tender with effect from December 1, 2016.Therefore, it has now been decided to phase out all remaining old design banknotes of Rs 10, 50, 100 and 1000, the Spokesman said in a statement.The Rs 5 banknote and the old design Rs 500 banknote ...

Pakistan - Banking & Finance

Pakistan net foreign investment $751mn in July-Feb KARACHI: Pakistan received $751 million in foreign direct investment in the first eight month (July-Feb) of the 2015-16 fiscal year, compared with $716 million during the same period a year earlier, said the central bank.Foreign direct investment rose 4.8 percent in the July to February period, compared with the same period the previous year, according to central bank data.Net foreign direct investment in the 2014-15 fiscal year, which ended in June, was $922.9 million.Copyright Reuters, ...

Pakistan - Banking & Finance

Pak Post collected Rs187,083.68mn through saving bank in 2014-15 ISLAMABAD: Pakistan Post has collected Rs. 187.083.68 million through its different schemes offered for general public under Saving Bank.The department has collected Rs. 157.699.11 million through saving accounts services while Rs. 29.384.505 million under saving certificates, official sources told APP.They said Pakistan Post is offering services of Saving Bank Ordinary Accounts, Special Savings Accounts, Defence Savings Certificates, Special Saving Certificates and Regular Income Certificates.They informed that Rs. 8,647.899 million were collected under Saving Bank Ordinary ...

Pakistan - Banking & Finance

MCB eyeing NIB for possible merger MCB Bank Ltd has shown interest in buying the NIB Bank Ltd, a filing at the Pakistan Stock Exchange (PSX) revealed on Tuesday.According to local media reports, NIB’s major shareholder Fullerton Holdings and MCB authorities have discussed the matter, involving the merger of NIB Bank Ltd into MCB.As per Reuters, "CB and major shareholder of NIB Bank Limited, Fullerton Financial Holdings Pte Ltd, (FFH) through its wholly-owned subsidiary Bugis Investments (Mauritius) Pte Ltd are in ...

Pakistan - Banking & Finance

Govt approved Rs2.95mn for HEC's Technology Funds ISLAMABAD: The Higher Education Commission (HEC) has established an Innovation Steering Committee which will serve as a backbone to newly approved HEC's Technology Funds, amounting Rs2.95 million approved by the Government.The committee has been established aims at to further strengthen innovation and entrepreneurship activities in universities that would help create job opportunities and ensure country's economic empowerment.An official of the HEC told APP here Tuesday that some institutions and individuals have performed very well in ...