"All terms and conditions have been finalised for the acquisition of majority shares of Tameer bank by the Telenor Pakistan with management control and now they are waiting for the no-objection certificate (NOC) by the regulator," they added.
At present State Bank of Pakistan is conducting due diligence on the application of acquisition of Tameer bank by the Telenor and expected to issue NOC during the current week, sources said. Adding, "after the due diligence both parties would be able to announce the formal acquisition".
Sources said that amount involved in the deal is about Rs one billion, however there has been no information received about the price of share being sold. At present Nadeem Hussain is the President and Chief Executive Officer of TMBL, who would continue to serve for the next few years, sources said.
Telenor Pakistan confirms talks with Tameer Bank. A high official of Telenor said that discussions are going on, however confidential matters and details will be disclosed in case of a final decision." Telenor, as per business plan, would extend the bank's operation and network across the country especially in the rural areas to promote the micro finance business in the country.
In Bangladesh, Telenor holds 62 percent of Grameenphone, with Grameen Telecom Corporation owning the remaining 38 percent. Grameen Telecom Corporation, which owns 38 percent of the shares of GrameenPhone, is a not-for-profit company and works in close collaboration with Grameen Bank.
Tameer bank is a private commercial Microfinance bank set up by a group of highly experienced bankers committed to go where no (commercial) bank has gone before and licensed by the State Bank of Pakistan under the Microfinance Ordnance 2001.
TMFB have some 85,458 active clients and 44,986 active borrowers with a network of 27 branches and some 20 community info and services centers across the country. TMBL serves low-income, salaried, self-employed and micro entrepreneurs with a range of financial products designed to allow them to grow their businesses and produce significant economic multiplier effects throughout the local economies.
At present the bank is also providing some eight different products including Tameer Makan, Tameer-e-Karobar, Tameer Group Qarza, Tameer Emergency Qarza, Tameer Apni Bike, Tameer Term Deposit, Tameer-e-Zindagi and Tameer Dus Pay Dus. Bank's core deposits stood at Rs 617 million with the loan disbursement of some Rs 2.298 billion and outstanding amount of Rs 956 million by the end of September 2008.