The board of directors of MCB Bank Limited has approved to conduct due diligence for a potential transaction for the purchase of 55% shares of Telenor Microfinance Bank Limited held by Telenor Pakistan BV.

The announcement was made on Tuesday.

"Subject to the permission granted by the State Bank of Pakistan or any other regulatory authority, the Board of Directors of the Bank in its meeting held on October 27, 2021 has accorded its in-principle approval to conduct a due diligence for a potential transaction for the purchase of 55% shares of M/s Telenor Microfinance Bank Limited held by Telenor Pakistan BV (operates under the Easypaisa brand name)," stated the notice sent to the Pakistan Stock Exchange.

Telenor Microfinance Bank is jointly owned by Telenor Pakistan and Ant Group, which is an affiliate company of the Chinese Alibaba Group.

Ant Group acquired a stake in the institution given Easypaisa’s performance in Pakistan over the last decade, said Omar Moeen Malik, Easypaisa Business Head, in a recent interview with Business Recorder.

Read the entire interview here: Interview with Omar Moeen Malik, Business Head, Easypaisa – Telenor Microfinance Bank