Islamabad, July 27, 2022 (PPI-OT):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 the successful conversion of U Bank’s subordinated debt into equity, signed by both institutions for an amount of PKR 1,000 million during a ceremony held in Islamabad.
President and Group CEO, PTCL and Ufone, Hatem Bamatraf, and President and 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 and treasury, urban, corporate, sharia, and digital banking services, thus catapulting the bank’s transformation into a challenger retail bank.
Speaking at the ceremony, Hatem Bamatraf, President and Group CEO, PTCL and Ufone, said, “Seeing the potential in U Bank’s ability to further expand and grow, PTCL endeavours 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.”
He added, “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 and CEO, U Bank said, “U Bank, thus far, has been successfully enabling underserved Pakistanis and has been positively contributing towards their economic empowerment. The 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.”
He added, “This conversion is a testament to our sponsor’s confidence in our ability to deliver positive results. It also reiterates PTCL’s commitment towards contributing to the socio-economic uplift and enablement of Pakistan”. Together, both PTCL and 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.
For more information, contact:
Pakistan Telecommunication Company Limited (PTCL)
F-8 Exchange, Nazim-Ud-Din Road F-8/1,
Islamabad, Pakistan
Tel: +92-51-111-20-20-20
Fax: +92-51-111-21-21-21
Email: shahzad.khalil@ptcl.net.pk
Website: www.ptcl.com.pk