Telenor Bank: Chinese group to invest $184.5m

The PM appreciated the partnership between the two parties

APP March 14, 2018
“Telenor, as a long-term player, wants to engage and understand the [auction] process before it commits to it,” says CEO of Telenor Group Jon Fredrik Baksaas. PHOTO: MYRA IQBAL/EXPRESS

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi witnessed the signing of a memorandum of understanding (MoU) between the Telenor Group and the Ant Financial Services Group for a strategic partnership agreement that would lead to injection of $184.5 million into the mobile financial sector. According to the MoU, the Ant Financial Services Group will invest $184.5 million in Telenor Microfinance Bank, a subsidiary of the Telenor Group, to further develop the bank’s mobile payment and digital financial services. The PM appreciated the partnership between the two parties and said it was the manifestation of favourable government policies for foreign investment in Pakistan.  

Published in The Express Tribune, March 14th, 2018.

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