Telenor Group has expanded its shareholding in Tameer Microfinance Bank, taking the remaining 49% of the shares in the company and making it a wholly owned entity within Telenor Group. As part of this transaction, Nadeem Hussain, founder of Tameer Bank will relinquish his position as President and Chief Executive Officer and be replaced by Ali Chaudhry.
Following Telenor Group’s 100% acquisition of the bank, Telenor Pakistan will with immediate effect transfer the management of Easypaisa to Tameer. Launched jointly by Tameer and Telenor Pakistan in 2009, Easypaisa has over 70,000 shops in more than 800 cities across the country.
Did you hear...? We just announced 100% ownership of Tameer Microfinance Bank in Pakistan https://t.co/Lb2Y5p17Lx pic.twitter.com/zgid1uBY4n
— Telenor Group (@TelenorGroup) 17 March 2016
Tine Wollebekk, Head of 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.
Nadeem Hussain, founder Tameer & Out-going CEO & President
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.
