ISLAMABAD, AUGUST 19: In order to support the expansion of Fri-Chicks’ franchise network, U Microfinance Bank, a wholly owned subsidiary of Pakistan Telecommunication Company Limited (PTCL), and the fast-food chain, which is expanding quickly in Pakistan, have partnered to provide working capital term loans and cash collection and management services for its current locations.
With the support of U Bank, Fri-Chicks, which currently has 50 locations around the country, plans to open 100 new franchises in the upcoming year. Through this partnership, U Bank is demonstrating its dedication to supporting economic expansion in Pakistan by enabling small and medium-sized businesses (SMEs).
In addition to helping Fri-Chicks develop a strong franchise network, U Bank hopes to support this expansion by creating a large number of jobs and bolstering the regional economy.
In front of the management teams of both companies, Mr. Sarmad Pretu, Chief Commercial Officer of U Bank, and Mr. Syed H. Mehdi, CEO of Fri-Chicks, signed the Memorandum of Understanding during a recent ceremony in Lahore.
“This partnership with Fri-Chicks aligns perfectly with U Bank’s vision of nurturing and supporting the growth of local businesses in Pakistan,” said Mr. Sarmad Pretu, Chief Commercial Officer of U Bank. Each new Fri-Chicks franchise generates about ten new job possibilities, and the franchisees are MSMEs. As a bank based in Pakistan, we take pride in offering the financial solutions required to support the growth of a local brand such as Fri-Chicks, and we also work to improve the whole economy by facilitating business expansion and economic elevation.
According to Mr. Syed H. Mehdi, CEO of Fri-Chicks: “We want to expand our brand throughout the nation, and our partnership with U Bank represents a major milestone for Fri-Chicks.” We can more effectively contribute to Pakistan’s economic environment by meeting our expansion goals with the help of U Bank’s services.
After more than 16 years of operation, Fri-Chicks now has locations throughout Pakistan in the form of eateries, drive-thrus, takeout settings, mobile trucks, and food court stalls. With more than 375 locations around the country, U Bank provides corporate, branch and branchless, digital, and Islamic banking services.
