Norwegian telecommunications group Telenor has acquired the remaining 49% stake in Pakistan-based Tameer Microfinance Bank for an undisclosed amount, becoming its sole owner.

The deal makes Tameer Microfinance Bank a wholly owned entity within Telenor Group.

In 2009, the two entities launched Easypaisa as a joint venture. Following the acquisition, Telenor Pakistan will transfer the management of Easypaisa to Tameer with immediate effect.

As part of the deal, Tameer Bank founder Nadeem Hussain will step down as president and CEO and will be appointed as a board member of the bank. Hussain will be replaced by Ali Chaudhry as the new president and CEO.

Telenor Group head of financial services Tine Wollebekk said: "With the visionary collaboration between Tameer and Telenor, Easypaisa has become a global example of innovation in bringing financial inclusion through mobile.

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"We acknowledge this acquisition as a testament of our growth in Pakistan and the reward affiliated to it – empower societies.

"This acquisition gives us an even stronger platform to provide wide scale financial services to the unbanked population in the country. It also strengthens our leadership position in digitizing financial services in Pakistan."