According to an official from the State Bank of Pakistan (SBP), Telenor has filed a due diligence request. It is mandatory for every bank in Pakistan to seek the central bank’s permission for due diligence for stake sale to a third party. Even if the two parties agree to execute a sale and purchase agreement, the deal remains subject to approval of the central bank and other regulators.
Market reports hit that Alipay is acquiring a 40% stake in Telenor Bank at a price of USD 100 million. If the deal passes, consumers in Pakistan will have access to online payments through Alipay. Alibaba and Pakistan authorities have been in talks for a partnership that would help promote the ecommerce business in the country.
Telenor bank maintains a portfolio of around 1.9 million borrowers, 3.1 million savers and 9.2 million Easypaisa mobile accounts with 184 touch points and approximately 110,000 easypaisa agents across Pakistan, according to official reports.
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