MCB Bank gets approval for Telenor Bank due diligence

MCB Bank gets approval for Telenor Bank due diligence

KARACHI: State Bank of Pakistan (SBP) has granted MCB Bank to conduct due diligence for the purchase of 55 per cent shares of M/s. Telenor Microfinance Bank, a statement said on Monday.

According to it the SBP had granted in-principal conditional approval to MCB to conduct due diligence for a potential transaction for the purchase of 55 per cent shares of M/s. Telenor Microfinance Bank Limited held by Telenor Pakistan BV (operates under the Easypaisa brand name)

The board of directors of MCB had already, in its meeting held on October 27, 2021 accorded its in-principle approval to conduct a due diligence for the potential transaction.

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