Lahore, Pakistan – U Microfinance Bank, a wholly-owned subsidiary of Pakistan Telecommunication Company Limited (PTCL), has announced a strategic partnership with Fri-Chicks, one of the fastest-growing fast-food chains in Pakistan. This collaboration aims to facilitate the rapid expansion of Fri-Chicks’ franchise network through the provision of working capital term loans, along with cash collection and management services for its existing outlets.
Under this partnership, U Bank will support Fri-Chicks in launching 100 new franchises over the next year, complementing the brand’s existing network of 50 outlets nationwide. This move underscores U Bank’s commitment to fostering economic growth by empowering small and medium-sized enterprises (SMEs) in Pakistan.
Empowering SMEs and Boosting Employment
The strategic partnership is poised to create significant employment opportunities across the country, further bolstering the local economy. Each new Fri-Chicks franchise is expected to generate close to 10 jobs, contributing to the creation of approximately 1,000 new employment opportunities nationwide. U Bank’s financial support for this expansion reflects its dedication to nurturing local businesses and enabling their growth.
Leadership Remarks
Speaking at the official signing ceremony held in Lahore, Mr. Sarmad Pretu, Chief Commercial Officer of U Bank, highlighted the alignment of this partnership with U Bank’s broader vision. He stated, “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.”
Mr. Syed H. Mehdi, CEO of Fri-Chicks, expressed his enthusiasm for the partnership, noting its significance in achieving the brand’s expansion goals. He commented, “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.”
A Growing Network
Fri-Chicks has been a staple in Pakistan’s fast-food industry for over 16 years, with its outlets spread across the country in various forms, including restaurants, kiosks, drive-thrus, takeaway setups, mobile trucks, and food court stalls. The brand’s partnership with U Bank is set to propel its growth trajectory, enabling it to reach new markets and expand its footprint significantly.
U Bank, with a network of over 375 branches nationwide, continues to offer a comprehensive range of services, including branch and branchless banking, digital banking, corporate banking, and Islamic banking. This partnership with Fri-Chicks is another step in U Bank’s mission to drive economic progress and support the development of Pakistan’s SME sector.
