Telenor Microfinance Bank (TMB), a leading entity in Pakistan’s fintech sector, has reported an outstanding financial outcome for the first quarter of 2024, marking a significant recovery from its performance during the same period last year.
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UBL gets DD approval to acquire Telenor Microfinance Bank
KARACHI: United Bank Limited (UBL) has been granted regulatory approval to commence due diligence (DD) of Telenor Microfinance Bank Limited.
In a communication shared with the Pakistan Stock Exchange (PSX) on Tuesday, UBL said that the State Bank of Pakistan (SBP) had granted in-principle approval to UBL to commence the due diligence of Telenor Microfinance Bank Limited (TMB) for proposed acquisition of 55 per cent sponsor shares in TMB, currency held by Telenor Pakistan BV (operating under the Easypaisa brand name), subject to the compliance with the applicable laws, rules, regulations.
It was second approval granted by the SBP in less than two weeks to UBL to initiate due diligence in two different acquisitions.
On January 26, 2022, the bank informed the PSX that that SBP had granted in-principle approval to UBL to commence the due diligence of Samba Bank Limited in respect of acquisition of 84.51 per cent shareholding of SBL, currently held by Saudi National Bank.
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Telenor Microfinance Bank signs pact for promotion of financial literacy in women
Telenor Microfinance Bank (TMB) and Pakistan Bait-ul-Mal have signed an agreement aimed at empowering women through financial literacy training, a statement said on Thursday. This collaboration seeks to educate women across Pakistan on managing financial transactions and accessing credit services through both digital and conventional channels.
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