Telenor Pakistan bank suitor given nod to assess deal - Mobile World Live

Telenor Pakistan bank suitor given nod to assess deal

22 FEB 2022

Pakistan’s central bank gave in-principle approval for local provider MCB Bank to conduct due diligence on the purchase of a majority stake in Telenor’s mobile financial services unit in the country.

The development was disclosed in a short statement to the Pakistan Stock Exchange. MCB Bank also noted it had already received the green light from its board to begin the process towards the purchase of Telenor’s 55 per cent stake in Telenor Microfinance Bank Limited.

In November 2021 the mobile operator announced it was assessing potential buyers for the stake, as MCB Bank disclosed its interest. However, Telenor noted there was no guarantee a sale would take place.

Telenor holds the majority share of the mobile financial services business with the remainder held by Ant Group, which owns mobile payments giant Alipay in China alongside various other international assets.

Following Telenor’s announcement it was assessing a sale, Ant Group reiterated its support for Telenor Microfinance Bank.

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Chris Donkin

Chris joined the Mobile World Live team in November 2016 having previously worked at a number of UK media outlets including Trinity Mirror, The Press Association and UK telecoms publication Mobile News. After spending 10 years in journalism, he moved...

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