Karachi: Pakistan Telecommunication Company Limited (PTCL) has announced a substantial capital injection of PKR 15 billion, approximately USD 53 million, into its subsidiary, U Microfinance Bank Limited. This move is set to bolster the bank's growth and support the development of its digital banking platform.
The capital infusion, one of the largest equity transactions in the industry, is aimed at enhancing U Bank's outreach and service delivery. PTCL Group, led by its Group Chief Executive Officer and Chairman of U Microfinance Bank, Mr. Hatem Bamatraf, emphasizes the initiative as part of its commitment to financial inclusion and innovation across Pakistan.
Mr. Bamatraf highlighted the Group's confidence in U Bank's digital transformation strategy, which is expected to strengthen the microfinance banking ecosystem. He reiterated the Group's dedication to promoting socioeconomic development in the region.
Mr. Tooran Asif, President and CEO of U Microfinance Bank, expressed gratitude towards PTCL Group and the State Bank of Pakistan for their support. He noted that the capital injection comes at a pivotal moment as the bank prepares to advance its digital transformation in 2026. The strategy focuses on innovation and new products to expand financial services access for millions nationwide.