Telenor has confirmed that it is reviewing possible buyers of its 55% majority stake in Telenor Microfinance Bank, which provides financial services in Pakistan.
Since 2018, the remaining 45% of Telenor Microfinance Bank has been held by the Chinese financial service provider Ant Group. Telenor said it is weighing its options for equity in the unit, while admitting that it has not confirmed the sale.
Telenor stated that if the sales process begins, Telenor Microfinance Bank will continue to operate as usual. Derek Hao, the country manager of Ant Group Pakistan, added that his company will “continue to support the bank in the process because it brings innovative solutions to the market”, including the mobile money platform Easypaisa.
The local bank MCB appeared to be interested in the acquisition; after Telenor said it was reviewing candidates, the bank issued a stock market statement confirming that it was conducting due diligence on possible share offers.