UBL gets DD approval to acquire Telenor Microfinance Bank

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.

Leave a Reply

You have to agree to the comment policy.