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

Islamabad, July 26, 2022: Pakistan Telecommunication Company Limited (PTCL), 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 PKR 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.

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ABOUT U BANK

U Microfinance Bank Ltd. (U Bank) is a wholly owned subsidiary of Pakistan Telecommunication Company Limited (PTCL) – Etisalat Company. The bank has a network of more than 240 branches, across 210 cities and rural areas in Pakistan and offers a wide range of microfinance loans, deposit products, and branchless banking solutions. U Bank’s branchless banking offers services under the banner of U Paisa in collaboration with Ufone (Pak Telecom Mobile Limited). The service is offered at nearly 50,000 agent locations across Pakistan.

U Microfinance Bank is proud to be at the front line of fighting poverty in Pakistan and is dedicated to play its critical part in the implementation...
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