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 grow successfully,” said Hussain.
Michael Foley, Chairman Board of Directors Tameer Microfinance Bank and CEO Telenor Pakistan said, “Tameer’s team is making a lasting contribution …. 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.”
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