{"id":273838,"date":"2022-07-27T09:06:11","date_gmt":"2022-07-27T04:06:11","guid":{"rendered":"https:\/\/leadpakistan.com.pk\/news\/?p=273838"},"modified":"2022-07-27T09:06:11","modified_gmt":"2022-07-27T04:06:11","slug":"ptcl-u-microfinance-bank-announce-conversion-of-u-banks-rs1000m-debt-into-equity","status":"publish","type":"post","link":"https:\/\/leadpakistan.com.pk\/news\/ptcl-u-microfinance-bank-announce-conversion-of-u-banks-rs1000m-debt-into-equity\/","title":{"rendered":"PTCL, U Microfinance Bank announce conversion of U Bank\u2019s Rs1,000m debt into equity"},"content":{"rendered":"<p>ISLAMABAD: Pakistan Telecommunication Company Limited (PTCL), country\u2019s largest ICT services provider and U Microfinance Bank Ltd. (U Bank), a wholly owned microfinance subsidiary of PTCL announced successful conversion of U Bank\u2019s 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 &#038; Ufone, Hatem Bamatraf and President &#038; 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\u2019s financial sector, spread across a heterogenous spectrum of rural, corporate finance &#038; treasury, urban, corporate, sharia, and digital banking services, thus catapulting bank\u2019s transformation into a challenger retail bank. Speaking at the ceremony, Hatem Bamatraf, President and Group CEO, PTCL &#038; Ufone, said, \u201cSeeing the potential in U Bank\u2019s 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\u2019s commitment to support the country and its economy but also to strengthen ties between banking and telecom sector.\u201d Speaking at the occasion, Kabeer Naqvi, President &#038; CEO, U Bank said, \u201cU Bank, thus far, has been successfully enabling underserved Pakistanis and has been positively contributing towards their economic empowerment. Staff Reporter<br \/>\nBank 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\u2019s confidence in our ability to deliver positive results. It also reiterates PTCL\u2019s commitment towards contributing to the socio-economic uplift &#038; enablement of Pakistan\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD: Pakistan Telecommunication Company Limited (PTCL), country\u2019s largest ICT services provider and U Microfinance Bank Ltd. (U Bank), a wholly owned microfinance subsidiary of PTCL announced successful conversion of U Bank\u2019s 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 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-273838","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>PTCL, U Microfinance Bank announce conversion of U Bank\u2019s Rs1,000m debt into equity<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadpakistan.com.pk\/news\/ptcl-u-microfinance-bank-announce-conversion-of-u-banks-rs1000m-debt-into-equity\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PTCL, U Microfinance Bank announce conversion of U Bank\u2019s Rs1,000m debt into equity\" \/>\n<meta property=\"og:description\" content=\"ISLAMABAD: Pakistan Telecommunication Company Limited (PTCL), country\u2019s largest ICT services provider and U Microfinance Bank Ltd. (U Bank), a wholly owned microfinance subsidiary of PTCL announced successful conversion of U Bank\u2019s 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 [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/leadpakistan.com.pk\/news\/ptcl-u-microfinance-bank-announce-conversion-of-u-banks-rs1000m-debt-into-equity\/\" \/>\n<meta property=\"og:site_name\" content=\"Daily Lead Pakistan\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/DailyLeadPak\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-27T04:06:11+00:00\" \/>\n<meta name=\"author\" content=\"Web Desk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@DailyLeadPak\" \/>\n<meta name=\"twitter:site\" content=\"@DailyLeadPak\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Web Desk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" 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