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May 9, 2022

Ant Financial makes further investments in Telenor Microfinance Bank

Pakistan

In 2018, we acted for Ant Financial Services Group (Ant), an affiliate of the Chinese e-commerce giant Ali Baba, in acquiring a 45% stake in Telenor Microfinance Bank (TMB) for approx. US$ 185 million.

Ant has periodically made further investments in TMB for new ventures and projects, with an additional investment of approximately US$ 25 million in the last six months.

We continue to advise Ant on all matters relating to their shareholding in TMB, including the Digital Banking License issued to TMB by the State Bank of Pakistan. Shafaq Rehman (Partner – Pakistan) is their primary contact.

For more information on Ant Financial’s investment in TMB, please visit:

https://businesschief.asia/technology/alibabas-ant-financial-invests-dollar185mn-into-pakistani-telco-tmb

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