PTCL & U Microfinance Bank announce successful conversion of U Bank’s Rs 1,000 million debt into equity

BusinessPTCL & U Microfinance Bank announce successful conversion of U Bank’s Rs...

ISLAMABAD, Pakistan: Pakistan Telecommunication Company Limited (PTCL), the Country’s largest ICT services provider, and U Microfinance Bank Ltd. (U Bank), a wholly owned microfinance subsidiary of PTCL, announced successful conversion of U Bank’s subordinated debt into equity, signed by both institutions for an amount of Rs 1,000 million during a ceremony held in Islamabad. 

President and Group CEO, PTCL & Ufone, Hatem Bamatraf and President & CEO, U Bank, Kabeer Naqvi, signed the document that was witnessed by senior members of management from both organizations.

This conversion will enable the bank to further capitalize on the growth opportunities possible in Pakistan’s financial sector, spread across a heterogenous spectrum of rural, corporate finance & treasury, urban, corporate, sharia, and digital banking services, thus catapulting bank’s transformation into a challenger retail bank.

Speaking at the ceremony, Hatem Bamatraf, President and Group CEO, PTCL & Ufone, said, “Seeing the potential in U Bank’s ability to further expand and grow, PTCL endeavors to contribute and support the bank in capturing new segments and customer classes to include more of Pakistan into the banking net and further its ambition of financial and social inclusion. This is not only in line with PTCL’s commitment to support the country and its economy but also to strengthen ties between banking and telecom sector.”

Speaking at the occasion, Kabeer Naqvi, President & CEO, U Bank said, “U Bank, thus far, has been successfully enabling underserved Pakistanis and has been positively contributing towards their economic empowerment.  Bank has now embarked upon the exciting journey of penetrating into newer market segments, through its six specialized business canvases, to widen its existing customer base and create more impact. This conversion is a testament of our sponsor’s confidence in our ability to deliver positive results. It also reiterates PTCL’s commitment towards contributing to the socio-economic uplift & enablement of Pakistan”.

Together, both PTCL & U Bank are at the forefront to provide best-in-class connectivity and financial services to their customers across Pakistan, especially the under-served community.

Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Recent News

Global peace today is confronted with ever evolving threats and challenges, says COAS Gen Asim Munir

Global peace is confronted with ever-evolving threats and challenges, says COAS Gen Asim Munir

0
Islamabad, Pakistan: General Syed Asim Munir, Chief of Army Staff (COAS) has said that global peace today is confronted with ever-evolving threats and challenges.He...

Pakistan conducted a successful test-fire of ballistic missile by a Navy ship

0
Islamabad, Pakistan: Pakistan has conducted a successful test-fire of an indigenously developed ballistic missile by a Navy ship, reports DND News Agency from Islamabad.The...
The author Dr. Attia Anwar is a consultant family physician with a postgraduate degree from the Royal College of GP UK. She is a strong advocate of health and well-being and wants patient participation in decision-making regarding health.

Altruism is new egotism

0
By Dr Attia AnwarKindness is another thing that makes your life better. It is very important for the pursuit of happiness. After expressing gratitude...
Iranian Foreign Minister Seyed Abbas Araghchi has arrived in Pakistan today on a two-day official visit and he will hold meetings with civil and military leadership of Pakistan. This is his first visit to Pakistan after Israel attacked Iran in response to Iranian attack on certain Israeli cities. His meetings with Prime Minister Muhammad Shehbaz Sharif and Deputy Prime Minister / Foreign Minister Senator Mohammad Ishaq Dar are confirmed. Foreign Minister Araghchi will hold consultations on the situation in the Middle East and Pakistan-Iran bilateral relations. This visit provides an important opportunity to advance cooperation and dialogue between Pakistan and Iran on a wide range of areas including trade, economic, energy and security.

Iranian Foreign Minister Seyed Abbas Araghchi has arrived in Islamabad

0
Islamabad, Pakistan: Iranian Foreign Minister Seyed Abbas Araghchi has arrived in Islamabad today on a two-day official visit and he will hold meetings with...
War Model Criminal Justice Model Punitive Justice System and Restorative Justice System

Anti-Terrorism (Amendment) Bill 2024: Can Pakistan mitigate terrorism only with the ‘War Model’?

0
DND ReportThe re-emergence of terrorism in Pakistan is now obscuring Pakistan’s potential to become an investment-oriented destination. Today, Pakistan depends upon the ‘War...
Advertisement