Pakistan Credit Rating Agency Limited places entity ratings of Tameer Microfinance Bank on Rating Watch

Lahore, February 08, 2016 (PPI-OT): Telenor Group, through Telenor Pakistan has 51% shareholding in Tameer Microfinance Bank Limited (Tameer Bank). It has entered into a Share Purchase Agreement with other shareholders (49%) of Tameer Bank in Nov15 to acquire their stake. The transaction is in the process of relevant regulatory approvals. Considering this development, The Pakistan Credit Rating Agency (PACRA) has placed Entity Ratings of Tameer Bank on Rating Watch. Currently, the bank has long-term and short-term entity ratings of “A+” (Single A Plus) and “A1” (A One).

The ratings will remain on rating watch until the finalization of proposed acquisition. On completion of the transaction, the entity ratings of Tameer Bank would be updated after reviewing the impact of the acquisition and ensuing business plan.

For more information, contact:
Hammad Rashid
Analyst
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425
Email: hammad.rashid@pacra.com
Web: www.pacra.com