U Microfinance Bank, a wholly-owned subsidiary of Pakistan Telecommunication Company Limited (PTCL), and Fri-Chicks, a rapidly growing fast-food chain in Pakistan, have entered into a strategic partnership to facilitate the expansion of Fri-Chicks’ franchise network with the provision of working capital term loans, along with cash collection and management services for its existing outlets.
Fri-Chicks, with its current 50 outlets nationwide, is set to rapidly expand by launching 100 new franchises over the next year, with U Bank’s backing. This collaboration underscores U Bank’s commitment to fostering economic growth by empowering small and medium-sized enterprises (SMEs) in Pakistan. By facilitating this expansion, U Bank not only aims to grow a thriving franchise network for Fri-Chicks, but also contribute to the creation of significant employment opportunities, further strengthening the local economy.
The partnership agreement was officiated at a recent ceremony held in Lahore, where the MoU was signed by Mr. Sarmad Pretu, Chief Commercial Officer – U Bank, and Mr. Syed H. Mehdi, CEO – Fri-Chicks, in the presence of the management members of both organizations.
Mr. Sarmad Pretu, Chief Commercial Officer – U Bank commented, “This partnership with Fri-Chicks aligns perfectly with U Bank’s vision of nurturing and supporting the growth of local businesses in Pakistan. The franchisees investing in Fri-Chicks are MSMEs and each new franchise creates close to 10 new job opportunities. As a Pakistani bank, we are proud to be providing the financial solutions needed to help a local brand like Fri-Chicks reach new heights, while we endeavor to create a positive impact on the broader economy by enabling business expansion and economic elevation.”
As stated by Mr. Syed H. Mehdi, CEO – Fri-Chicks, “Partnering with U Bank marks a significant milestone for Fri-Chicks as we aim to bring our brand to more communities across the country. With U Bank’s services, we are well-equipped to meet our expansion goals, allowing us to contribute more meaningfully to the economic landscape of Pakistan.”
Fri-Chicks has been operating in the country for over 16 years and currently has outlets spread out across Pakistan in the form of restaurants, kiosks, drive-thrus, takeaway setups, mobile trucks, and food court stalls. U Bank currently has a network of 375+ branches nationwide and offers branch and branchless banking, digital banking, corporate banking, and Islamic banking services.
