Pakistan state bank approves due diligence for Telenor financial arm

Pakistan state bank approves due diligence for Telenor financial arm

The State Bank of Pakistan approved MCB Bank to perform due diligence to acquire a majority stake in Telenor's financial operations in Pakistan.

Business Recorder reported the confirmation stemmed from a filing to the Pakistan Stock Exchange this week.

The potential transaction will be for a 55% stake in Telenor’s financial arm in Telenor Microfinance Bank, reported Business Recorder.  

Telenor announced in November last year it was reviewing potential buyers for the majority stake, the remainder is owned by Alipay owner Ant Group, and has held it since 2018.

The Chinese company said last year it would support the sale if MCB was successful.

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