UBL agreed to buy 55pc shares in Telenor Microfinance Bank(Easypaisa)!!

In recent news, UBL which is one of the leading banks in Pakistan agreed to acquire a 55% stake in Telenor Microfinance Bank. UBL agreed to buy 55pc shares in Telenor Microfinance Bank(Easypaisa)!!

United Bank Limited (UBL) on Tuesday said it had received approval from the central bank to go ahead with the due diligence process for acquiring 55 per cent shares in Telenor Microfinance Bank (TMB).

“The State Bank of Pakistan has granted in-principal approval to United Bank Limited to commence the due diligence of Telenor Microfinance Bank Limited for the proposed acquisition of 55 per cent sponsor shares in TMB, currently held by Telenor Pakistan BV (operating under the Easypaisa brand name), subject to the compliance with the applicable laws, rules, regulations,” the bank said in a bourse disclosure.

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Earlier MCB Bank which is also one of the biggest banks in Pakistan is also looking to acquire this 55% stake as reported by thenew.pk on November 3rd.

Back in November MCB was granted approval from the State Bank of Pakistan for a potential transaction of acquiring the targeted shares in the microfinance bank.

But later United Bank Limited agreed to acquire a 55% stake in Telenor Microfinance Bank Limited from Telenor Pakistan (Private) Limited on February 8, 2022.

UBL will hold the 55% stake the remainder owned by China-based financial services giant Ant Group following a deal in 2018.

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