United Bank Limited has announced the liquidation of its subsidiary, UBL Switzerland AG, following the approval of the banking regulator of the host country.
The decision of shutting down the subsidiary was taken by the bank’s management in line with the bank’s strategy to exit from non-core markets.
Accordingly, the shareholders resolved the voluntary and orderly wind up of UBL Switzerland AG, a wholly-owned subsidiary of the Bank in the Extra Ordinary General Meeting (EOGM) held on August 06, 2021.
Last month, the Swiss Financial Market Supervisory Authority (FINMA) released UBL Switzerland AG from regulatory supervision on March 24, subsequently the bank entered voluntary liquidation on March 31, 2022, according to the quarterly financial report 2022.
Deloitte AG was appointed as liquidator. The liquidation of the entity is subject to fulfillment of relevant legal and regulatory requirements both in Pakistan and Switzerland. The subsidiary through liquidators will commence the process of permanently closing operations, selling off any assets, and using the proceeds to settle as many of the bank’s remaining liabilities as possible.
Customer accounts are closed and checks are mailed to account holders for the number of their insured deposits.
