Karachi – 19 May 2016: Tameer Microfinance Bank announced that Ali Riaz Chaudhry has assumed the role of bank’s new President and Chief Executive Officer effective 16th May 2016. Ali was appointed to take charge after Telenor Group completed its 100% acquisition of Tameer Bank last month.
Sharing his views, Nadeem Hussain, the founder and outgoing President and CEO of Tameer Bank, said: “There is nothing more satisfying than seeing one’s efforts turn into a remarkable success, which is reflected in Tameer’s acquisition by Telenor Group. I’m pleased to pass on the torch to Ali Riaz Chaudhry who possesses the right experience and skills to take Tameer Bank to new heights.” Nadeem will join Tameer Bank’s board as a Director.
Ali’s appointment came at a time when Telenor Pakistan is transferring the management of Easypaisa to Tameer Bank. Upon assuming his new role, Ali said “We bid farewell to Nadeem Hussain, a very competent leader who transformed his ambitions into an immensely successful reality. I am excited to be a part of Tameer Bank.” Highlighting that Tameer now has an even stronger platform to scale digital financial services due to the convergence of conventional Microfinance banking and branchless banking, Ali emphasized, “We take pride in driving innovation for the entire financial ecosystem in the country. Our strategy remains transforming ‘banking-for-a-few’ to ‘banking-for-all’ and empowering Pakistanis on a larger scale than ever before.”
Michael Foley, Chairman of the Board Tameer Bank, said, “While I welcome Ali Riaz Chaudhry aboard, I pay my respects to Nadeem Hussain, the outgoing President & CEO of Tameer Bank. He’s an inspiration for all of us for how he turned his idea of a microfinance bank into a huge success with hard work and determination. As Nadeem moves on to assume another key role, I am convinced that Ali Riaz Chaudhry will carry Nadeem’s mission forward and bring more success to the bank.”
Prior to his appointment, Ali Riaz Chaudhry has held various executive positions at large international Banks like Citibank and Barclays across Asia, Middle East, Africa and Europe. He served as the CFO for the Middle East and Africa regions at Citibank, Global Consumer Bank and led Citibank’s Global Consumer Business in Egypt. He was also the Managing Director for Barclay’s largest payment business (Barclaycard) in the UK.
About Easypaisa
Pakistan’s first and largest branchless banking solution, Easypaisa, was launched jointly by Tameer Micro Finance Bank and Telenor Pakistan in 2009 until recently Norwegian-based Telenor group, which owns Telenor Pakistan, completed the acquisition of Tameer Bank.
Easypaisa has the largest financial footprint in Pakistan with over 75,000 Easypaisa shops in more than 800 cities across the country. Nearly 650,000 transactions are conducted on Easypaisa every day by 21 million active customers. In 2015, Easypaisa moved nearly 3% of Pakistan’s GDP. Easypaisa has the largest product portfolio of services for its customers including remittances, payments, savings and insurance and offers ATM cards and IBFT services that work with all banks connected through 1-Link in Pakistan. In February 2014, out of more than 250 Mobile Money services around the world, Easypaisa was awarded two GSMA Awards, including the “Best Mobile Money Service in the World” at the Mobile World Congress, Barcelona, Spain.
For more information, visit www.easypaisa.com.pk
About Tameer Microfinance Bank Limited
Tameer Microfinance Bank Limited (TMFB) is the first scheduled and largest Microfinance Bank in Pakistan and a part of Telenor group. Incorporated in 2005, it provides micro‐finance and related financial services to the less privileged and unbanked segment of the society with an aim to contribute towards poverty eradication under the Microfinance Institution ordinance, 2001. In 2009, easypaisa was launched jointly by Tameer Micro Finance Bank and Telenor Pakistan. Tameer Bank currently has 176 customer touch points and 75,000+ agents nationwide offering a range of financial services including Deposits, Loans, Mobile Accounts, Health Insurance, Remittances, Cash management services, Bank on Wheels. . Based on the results for the year ended 31 December 2015, the credit rating company JCR-VIS has reaffirmed the long-term entity rating of Tameer to “A+” (Single A Plus) [Previous: “A”] while maintaining the short-term rating at”A1″ (A One). Outlook on the assigned rating is ‘Stable’ as of April 28th, 2016. For more information, please visit: http://www.tameerbank.com
About Telenor Pakistan
Telenor Pakistan is a provider of high quality telecommunication services in Pakistan since 2005. It has over 36 million subscribers, over 3,000 employees and a nationwide network. For more information, please visit: www.telenor.com.pk
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