KARACHI: Pakistan Telecommunication Company Limited (PTCL) agreed to provide four billion rupees in unsecured subordinated debt facility to its subsidiary U Microfinance Bank. “This capital injection will enable the bank to further capitalise on the growth opportunities possible in Pakistan’s microfinance sector,” a statement said on Monday. “In the constantly changing competitive landscape, this tier-2 facility will enable U Bank to expand its current customer reach for serving the under-served population.” Daniel Ritz, president and chief executive officer of PTCL, and chairman of U Microfinance Bank said PTCL took the decision to further inject tier-II capital into the bank, seeing the potential in U Microfinance Bank’s ability to further expand and grow. U Microfinance Bank’s President Kabeer Naqvi said U Microfinance Bank has been successfully enabling underserved Pakistanis and positively contributing towards poverty alleviation and economic empowerment.
