UBL Winds Up its Subsidiary in Switzerland
United Bank Limited (UBL), the most recent Pakistani bank to shut down its subsidiary, UBL Switzerland AG, is the latest to do so.
According to the company’s most recent Annual Report, UBL Switzerland AG, a wholly-owned subsidiary of UBL, was formally wound up in December 2022.
In their Extra Ordinary General Meeting (EOGM), the UBL shareholders decided to voluntarily wound up UBL Switzerland AG in August 2021. This choice was consistent with the bank’s plan to leave non-core areas.
The bank formally dissolved its Tanzanian affiliate last year as well. A 100% owned subsidiary of UBL, UBL Bank (Tanzania) Limited (UBTL), and EXIM Bank Tanzania Ltd (EXIM) agreed into a purchase agreement for assets and liabilities on May 22, 2019.
On November 1, 2019, EXIM assumed management of UBTL’s assets and liabilities. After all processes were finished, UBL later made its exit from the Tanzanian market.
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