Microfinance: PTCL’s U Microfinance given nationwide licence

In August 2012, PTCL was allowed to acquire 100% shareholding of Rozgar Microfinance Bank Limited by the SBP.

ISLAMABAD:

The State Bank of Pakistan (SBP) has issued a nationwide microfinance banking licence to U Microfinance Bank Limited (formerly Rozgar Microfinance Bank Limited) to operate at the national level.

According to a statement of the bank issued here Friday, Rozgar Microfinance Bank Limited was a district-wide microfinance bank (MFB) operating in the Karachi district with one branch and six service centres. In August 2012, the Pakistan Telecommunication Company (PTCL) was allowed to acquire 100% shareholding of Rozgar Microfinance Bank Limited by the SBP, with the condition that PTCL would enhance the status of the bank to a nationwide MFB within a year by bringing in a professional management team.

After completion of all relevant formalities and the change in name to U Microfinance Bank Limited, SBP has issued a nationwide microfinance banking licence to U Microfinance Bank.

Published in The Express Tribune, February 2^nd, 2013.

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