Ufone acquire Rozgar Microfinance Bank and deal has been matured for handsome price deal, initially Ufone management was thinking to purchase healthy percentage of stacks in the bank but finally purchase the 100% shares. This step has been initiated to launch Ufone branchless banking setup throughout the country.
According to the sources the cellular company completed the transaction of bank assets and possession of property against handsome deal. Still asset transaction is under review of State Bank of Pakistan and after having go ahead will start its branschless banking.
Rozgar Microfinance Bank is based in Karachi and it has four operational branches and five customer service centers in different part of cities. Ufone as we know the subsidiary of PTCL has approaches to SBP some time before to obtain the license of branchless banking and that time it has been advised to acquire the bank with considerable shares with good reputation and Ufone management acts accordingly to acquire the complete bank.
In this competitive market where top players like Telenor, UBL are fully operational and new entrants recently started their branchless banking services includes Waseela Microfinance Bank of Mobilink and Bank Teleco of Zong.
Cellular companies are now a days busy to hire top professionals from banking sector to run their branchless banking operations throughout the country.