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After the approval granted through the State Bank of Pakistan to MCB for the initiation of the due diligence to achieve 55% sponsor stocks in Telenor Microfinance Bank (TMB). Pakistan Stock Exchange (PSX) posted those information.
According to the attention through the PSX, the State Bank of Pakistan granted MCB a conditional approval for the possible transaction of the 55% stocks of Telenor Microfinance Bank Limited through Telenor Pakistan BV, which operates through the emblem identify of Easy Paisa.
On twenty seventh October, 2021 MCB board of Directors held a gathering through which the 55% proportion transaction was once authorized prior to hand. The PSX was once then notified of the deliberate acquisition and assurance was once for the reason that as a significant financial institution will make stronger the microfinance sector the purchase can be for the betterment.
This notification got here ahead a couple of days after the United Bank Limited (UBL) was once granted a identical approval of the proposed acquisition of 55% sponsor stocks in TMB.
Telenor Pakistan and Ant Group collectively personal Telenor Microfinance Bank. Ant is an associate corporate of the Chinese Alibaba Group. Late in 2018, Ant Financial purchased a forty five% proportion of Telenor Bank.
Back in 2005 the Telenor Microfinance Bank was once established as Tameer Microfinance Bank. Later in 2009, first cell banking platform through the identify Easypaisa was once introduced through the financial institution. With the Easypaisa the mode of cost was once digitalized.
According to their monetary commentary, Telenor Microfinance Bank has earned gross benefit of Rs.1.245 billion through the top of September 2021. Initially, the financial institution was once presented as a branchless banking. It is the pioneer in it with the emblem identify Easypaisa. Now the Telenor Bank has expanded its leading edge products and services countrywide.
Also Read:Â After Easypaisa, Jazz Cash Scam has Made other people Loose Trust in Mobile Wallets
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