Telenor to sell 55% stake in Pakistan banking and payments business

News Wireless Pakistan 3 NOV 2021
Telenor to sell 55% stake in Pakistan banking and payments business

Telenor Group has announced it is considering a potential sale of its 55 percent ownership stake in Telenor Microfinance Bank in Pakistan. Telenor has already started the process to evaluate partners interested in this stake acquisition.

Telenor Microfinance Bank is jointly owned by Telenor Group and Ant Group. The bank was established in 2005. Telenor Microfinance Bank provides both traditional banking services and digital financial services across Pakistan. In 2009, the bank launched a mobile banking platform dubbed Easypaisa.

Back in September 2020, Telenor and Ant invested USD 45 million in Telenor Microfinance Bank. Telenor Microfinance Bank then reported it provided services to millions of customers across Pakistan.

Categories:

Mobile

Companies:

Telenor

Countries:

Pakistan

Tags:

e-Payment, Shareholders & subsidiaries, Corporate strategy, M&A buyouts & divestments

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