State Bank issues licence to PTCL’s U Microfinance Bank

SBP issues licence to U Microfinance Bank of PTCL

PTCL acquire 100 percent shares of Rozgar Microfinance Bank Limited in 2012

U Microfinance Bank Logo - PTCL owned

U Microfinance Bank Logo – PTCL owned

Karachi (Friday, February 1, 2013) –  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 national level. Rozgar Microfinance Bank Limited was a district wide microfinance bank (MFB) operating in Karachi district with one branch and 6 service centres.

In August 2012, Pakistan Telecommunication Company Limited (PTCL) was allowed by SBP to acquire 100 percent shareholding of Rozgar Microfinance Bank Limited with the condition that PTCL would enhance the status of this microfinance bank into a nationwide MFB within one year by bringing in a professional management team.

SBP Notification of U microfinance bank to PTCL

SBP Notification of U microfinance bank to PTCL

State Bank Notification regarding Licence to U Microfinance Bank Ltd.

February 1, 2013

      SBP issues licence to U Microfinance Bank to operate at national level

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 national level.

It may be pointed out that Rozgar Microfinance Bank Limited was a district wide microfinance bank (MFB) operating in Karachi district with one branch and 6 service centres. In August, 2012, Pakistan Telecommunication Company Limited (PTCL) was allowed by SBP to acquire 100% shareholding     of  Rozgar   Microfinance    Bank   Limited   with   the  condition  that  PTCL    would enhance the status of this microfinance bank into a nationwide MFB within one year by bringing in a professional management team. After completion of all relevant formalities and change in name of Rozgar MFB to U Microfinance Bank Limited, SBP issued a nationwide Microfinance
Banking Licence to U Microfinance Bank Limited.
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