Entire Ownership of Tameer Bank Transferred to Telenor

Telenor has increased its shareholdings in the Tameer Bank to a percentage of 100% which means that board of directors of the Microfinance bank would be entirely comprised of Telenor. It also become the first microfinance bank in the country to owned entirely by a telecommunication group. Telenor is a Norway based group that now owns the 100% of the equity of Tameer Microfinance Bank. This increase of ownership will have direct effect on the Easy Paisa of Telenor service. Telenor Group have acquired the rest of the minority shareholdings from the other shareholders to become the sole owner of the bank.

CEO and Founder of Tameer Microfinance Bank, Nadeem Hussain, was also included amongst those minority shareholders. Although, prior to that deal, Telenor has the majority of the shareholdings (51%) which means that the group used to have the full control on the operations of the company. Nadeem Hussain had around 29.4 % of the total equity. Other companies that were included as the minority shareholders were Centurion and International Finance Corporation who had 7.3% and 4.9% of stakes in the bank. The net assets of the bank at the year end June 2015, were approximately Rs. 3.2 billion.

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