PTCL injects Rs1 billion in U Bank

ISLAMABAD (PR): Pakistan Telecommunication Company Limited (PTCL) has injected an additional equity of Rs 1 billion in U Microfinance Bank Ltd (U Bank), which is a wholly owned subsidiary of PTCL. This capital injection will enable the bank to 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 under-served population, this capital injection will provide the necessary growth impetus for the Bank to leverage on and achieve its goals. U Bank aims to serve traditional and non-traditional customers through disruptive innovation, by building efficiencies through digitization and adding unique customers to its customer base.

Dr Daniel Ritz, CEO PTCL and Chairman 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 further added, “This capital injection is testament to PTCL’s commitment to the national cause of economically enabling underserved Pakistanis.”

Currently, U Bank serves more than 625,000 customers, where 30% of the served customers are women. By the end of 2017, U Bank’s deposit portfolio grew from Rs 8.1 billion to Rs 11.97 billion, while the loan portfolio grew from Rs 5.5 billion to Rs 10.64 billion. Most significantly, the number of employees increased from to 939 to 1253, where 9% of the total work force comprises of women.

U Bank’s Chief Operating Officer Kabeer Naqvi said, “U Bank stands at the forefront of fighting poverty through economic enablement of underserved Pakistanis and takes pride in delivering on the National Agenda of National Financial Inclusion Strategy 2020 by contributing to bringing 10 million unbanked customers in to banking net.” He further added, “At U Bank, we firmly believe that access to microfinance services contributes significantly towards building a more inclusive society, leading to bringing under-served population in to the banking net.”

TCS inaugurates ZTE warehouse in Tarnol

KARACHI (PR): A TCS warehouse for ZTE Corporation has been inaugurated in Tarnol, near Islamabad.

A ZTE delegation from China participated in the inauguration ceremony hosted by TCS. ZTE aims to place TCS at the forefront concerning all its logistic needs in Pakistan and manage its warehousing and logistics requirements across the country. It is expected that this would be the beginning of a productive partnership between TCS and the ZTE Corporation.

Rehan Ally Agha, Business Head Warehousing & Distribution at TCS, said that this was a moment of pride for TCS to partner with ZTE. “We are delighted to offer warehousing and distribution services to ZTE, and look forward to maximizing this fruitful relationship.” Chief Technical Officer of ZTE Pakistan, Chen Tao appreciated the role of TCS and said, “We are really thankful to you and appreciate your efforts for arranging the Islamabad warehouse inauguration.”

He added, “The warehouse is in an excellent condition regarding stacking, hygiene, cleanliness and staff uniforms. We hope TCS would not only sustain this standard but improvements would be made covering all aspects.” He said ZTE was a leader in providing innovative telecom solutions worldwide and had been in the Pakistani market for the last 20 years and had developed a strong footprint in the country. Chen Tao recalled the company’s rich history and foresaw a bright future for it in Pakistan.

DWP Group holds ‘Gree Power Show’ in Lahore

LAHORE (PR): The official distributor and brand partner of Gree air conditioners Pakistan, DWP Group recently held a vibrant launch/unveiling ceremony of Gree refrigerators first time ever in Pakistan at a local hotel. The ceremony was titled ‘The Gree Power Show’.

The objective of this event was to unveil the most advanced lineup of refrigerators, while showcasing the innovative technologies and solutions from GREE, that have a positive impact in raising the quality of life for the consumers in the society.

The vast network of Gree dealers was invited from across the nation to give them a briefing and introducing them to the new categories of high quality products. The latest range of refrigerators is enriched with European quality compressors and the most reliable R600a.

These products are available in a wide range of colors, sizes and designs, reflecting the aesthetic appeal of the Gree brand.

Event in honour of UBG leadership

ISLAMABAD (PR): Business community of Pakistan should work together for the progress and prosperity of the country. United Business Group is one of true representatives of business community and it has been proved in four consecutive victories of United Business Group in FPCCI elections.

Patron-in-chief of United Business Group and former president FPCCI S M Munir expressed these views at a breakfast hosted by Ahsan Zafar Bakhtawari, former vice president of Islamabad Chamber of Commerce & Industry in honor of United Business Group leadership.

Ahsan Zafar Bakhtawari thanked all the guests and said, “ICCI is an important chamber as it highlights the issues of the business community. The event was attended by Irfan Siddiqui, S M Muneer, Iftikhar Ali Malik, Zubair Tufail , Zubair Ahmed Malik, Khalid Javaid, Karim Aziz Malik, Atif Ikram Sheikh, Samina Fazil, Sheikh Amir Waheed, Dr Mirza Ikhtiar Baig, Abdul Sami Khan, Qazi Akbar, Mirza Abdul Rehman, Ijaz Abbasi, Khalid Chaudhry, Mumtaz Ahmed Sheikh, Daroo Khan, Chaudhry Javaid Iqbal, Mariam Chaudhry, Shabnam Zafar, Shakil Ahmed Dhingra, Mian Waqar , Zafar Bakhtawari, Waqar Bakhtawari, and Haris Bakhtawari.

CDC Board reconstituted; Fudda elected as chairman

KARACHI (PR): The BoD of CDC has been reconstituted and now consists of 4 independent directors namely Moin M Fudda, Syed Masoud Ali Naqvi, Syed Majid Ali and Aqeel Ahmed Nasir and 6 directors representing shareholding institutions, Dr Aamir Matin, Abid Ali Habib, Farid Malik, Muhammad Tariq Rafi, Shahnawaz Mahmood, Shehzad Chamdia and the CEO Aftab Ahmed Diwan. The Board, unanimously elected Moin M Fudda as the chairman of the BoD of CDC .