LAHORE—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 by providing working capital term loans and cash collection and management services for its existing outlets.
With its current 50 outlets nationwide, Fri-Chicks 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 Pakistan’s small and medium-sized enterprises (SMEs). By facilitating this expansion, U Bank aims to grow a thriving franchise network for Fri-Chicks and 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. 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 provide the financial solutions to help a local brand like Fri-Chicks reach new heights. At the same time, we endeavour to positively impact 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 nationwide. 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.
