After taking the charge of the Tameer Microfinance Bank, Telenor Group has planned to change the name of the Tameer Microfinance Bank to Telenor Microfinance Bank. The news has been confirmed by a very strong source.
Back in 2008 Tameer Bank was acquired by Telenor Group. Telenor Group had 51% of the share and then they decided to take full charge of the bank and bought the remaining shares.
The CEO and President of Telenor Bank, Ali Riaz Chaudhry will control all the affairs if the bank. He was just appointed last year.
The Group plans to change the name but all the activities and the services will be same. The services and the offers provided to the customers wont change.
Mr. Ali Riaz is planning to host an event where he will make certain announcements regarding the development.
The official PR on the development was released. The Press Release stated,
“After about a year of its 100% acquisition by the Telenor Group, Tameer Microfinance Bank has been rebranded as Telenor Microfinance Bank.
The Bank, established in 2005, is best known for its joint venture with Telenor Pakistan for the launch of Pakistan’s first and now the largest branchless banking service Easypaisa, in 2009.
Mr. Ali Riaz Chaudhry, President & CEO of the bank, announced the new corporate identity at a media briefing. He added,
“Our new name represents a significant foreign direct investment in Pakistan’s banking sector. We are proud of pioneering the journey of innovating financial services ecosystem in Pakistan, which started with the launch of Easypaisa – our mobile banking platform and a catalyst of future banking. As we continue to grow, we remain committed to empowering the underserved people of Pakistan through convenient, affordable and secure digital financial services.”
Speaking at the event, the Executive Director of the State Bank of Pakistan, Mr. Syed Samar Hasnain, said,
“I congratulate Telenor Microfinance Bank on its successful transition and appreciate its lead in providing digital financial services to millions of Pakistanis. I am positive that the Bank, with a mobile banking platform like Easypaisa, will continue to promote financial inclusion in the country. The State Bank of Pakistan will continue supporting initiatives aimed at providing financial services to the segments still excluded from the mainstream financial system.”
The Group doesn’t plan to change the management but only change that will be brought is the name. All the activities will be held under the new name.