PTCL injects Rs1 billion in U Bank

KARACHI: The Pakistan Telecommunication Company Limited (PTCL) has injected an additional equity of Rs1 billion in U Microfinance Bank Ltd. (U Bank), which is a wholly-owned subsidiary of PTCL, a statement said on Tuesday.

The capital injection will enable the bank further capitalise on the growth opportunities possible in Pakistan’s microfinance sector.

Given the overall economic landscape, competitive environment and the opportunity to serve a considerably large underserved population, this capital injection will provide the necessary growth impetus for the bank to leverage on and achieve its goals, it added.

U Bank aims at serving traditional and non-traditional customers through disruptive innovation, by building efficiencies through digitisation and adding unique customers to its base, it added.

Dr Daniel Ritz, CEO of PTCL, and chairman of U Bank, said: “Given that the bank has shown consistent robust growth over the last few years, PTCL decided to further support U Bank through strategic capital investment.”

“We will strive to look for better opportunities to not only expand PTCL and its subsidiaries, but also support Pakistan’s economy as a whole,” he added.