Press Releases

01
January 1970

Telenor Pakistan acquires 51% of Tameer Microfinance Bank

Karachi November 21, 2008: Telenor Pakistan has today entered into an agreement to acquire 51 per cent of the shares in Tameer Microfinance Bank for a foreign direct investment (FDI) of USD 12.5 million (PKR 1 billion approximately) through a direct rights issue. The proceeds from the rights issue will be used to finance the further development of the bank. The transaction is subject to full regulatory approval.

The acquisition of 51 per cent of the shares in Tameer Microfinance Bank is part of our strategy to offer financial services in Pakistan, said Jon Eddy Abdullah, CEO of Telenor Pakistan.

We are pleased with the deal we have entered. Telenor is a solid partner for further growth, and we have a common view about how financial and telecommunication sectors together can improve customer offerings by combining services, said Nadeem Hussain, President and Chief Executive Officer Tameer Bank.

About Telenor Pakistan:
Telenor Pakistan is a 100% subsidiary of Telenor Group and a leading mobile operator in Pakistan with more than 18 million subscribers. Telenor Pakistan has 2500 employees. The Telenor Group has close to 160 million mobile subscribers worldwide, with revenues of NOK 105 billion (approximately USD 19 billion) in 2007 (including Kyivstar). The Telenor Group has more than 35800 employees, of which 25600 operate outside Norway. Telenor is listed on Oslo Stock Exchange. Read more about Telenor Pakistan at www.telenor.com.pk

About Tameer Microfinance Bank:
Tameer Bank, a fast growing microfinance bank licensed by State Bank of Pakistan in August 2005, has a current network of 27 on-line branches and 23 sales & service centers across Sindh and Punjab. It has given a new complexion to the microfinance sector through the induction of innovative, technology-driven financial services. Tameer aims to empower Pakistan's under-served population through choice of bank tellers, ATM machines and Point of Sale (POS) terminals.

Its product set includes loans, deposits, overdrafts, insurance, and payments and domestic remittances. Since inception, Tameer has disbursed more than Rs 2.2 billion with active portfolio of Rs. 950 million and over 40,000 loan customers with delinquency trend of 1.4% - supported with a deposit base of more than Rs. 670 million. The total customer base of Tameer has crossed 65,000 with staff strength of 950. Read more about Tameer Bank at www.tameerbank.com

For further information about the Telenor Pakistan-Tameer Bank deal, please contact:
Telenor Pakistan

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