Pakistan: Telenor Strikes Deal to Boost Financial Services

Telenor announced a deal worth USD 184.5 million to sell a 45%stake in subsidiary Telenor Microfinance Bank (TMB) to Ant Financial, in a move intended to bolster financial services in Pakistan.

In a statement, Telenor described the deal as a “strategic partnership”, which will see the companies combine TMB’s knowledge, local market presence and more than 20 million customers with Ant Financial’s technology through financial services platform Alipay. The agreement will further enable “mobile payment and inclusive financial services to individuals as well as small and micro businesses in Pakistan”.