UBL gets SBP’s approval to commence due diligence of Telenor Microfinance Bank

MG News | February 08, 2022 at 10:49 AM GMT+05:00

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February 08, 2022 (MLN): The State Bank of Pakistan (SBP) has granted in-principle approval to United Bank Limited (UBL) to commence the due diligence of Telenor Microfinance Bank Limited (TMB) for the proposed acquisition of 55% sponsor shares in TMB, currently held by Telenor Pakistan BV (operating under the Easypaisa brand name), UBL informed through a notice to PSX today.

The above approval is subject to compliance with the applicable laws, rules, regulations.

To recall, the Board of Directors of the MCB Bank in its meeting held on October 27, 2021, had accorded its in-principle approval to conduct due diligence for a potential transaction for the purchase of 55% shares of Telenor Microfinance Bank Limited. However, this was subject to the permission granted by the SBP.

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