Telenor Group today announced that it has obtained all regulatory approvals to rename Tameer Microfinance Bank to Telenor Microfinance Bank, we have checked.
Telenor Group had initially acquired 51% stakes in Tameer Microfinance bank back in 2008, which lead to the launch of Easypaisa in 2009, a joint collaboration between Telenor Pakistan and Tameer Bank.
Telenor Group, later on, bought the remaining shares in Tameer Bank, a move that enabled it to take full control of the bank.
Ali Riaz Chaudhry — who was appointed last year — will continue to be the President and CEO of Telenor Bank. He will also retain control of Easypaisa that was previously under Telenor Pakistan.
Renaming the bank doesn’t change much in how the bank will operate or how it offers services to the consumers. However, with a new name and branding to go with it, the bank is likely to make a fresh start.
Mr. Ali Riaz is also likely to host an event in Karachi today where he will introduce and explain his new vision and the direction of the bank with the press