Pakistani banks continue to wind up their foreign operations with United Bank Limited (UBL) being the latest to close down its subsidiary, UBL Switzerland AG.
UBL Switzerland AG was a wholly-owned subsidiary of UBL, which was formally wound up in December 2022, according to the company’s latest Annual Report.
In August 2021, the shareholders of UBL resolved to voluntarily wind up UBL Switzerland AG in the Extra Ordinary General Meeting (EOGM) of shareholders. This decision was in line with the bank’s strategy to exit from non-core markets.
Last year, the bank also formally wound up its subsidiary in Tanzania. UBL Bank (Tanzania) Limited (UBTL) was a wholly-owned subsidiary of UBL, which entered into an asset and liabilities purchase agreement with EXIM Bank Tanzania Limited (EXIM) on 22 May 2019.
EXIM took over control of UBTL’s assets and liabilities on November 1, 2019. Later, UBL made its exit from the Tanzanian market after completing overall formalities.