United Bank Limited (UBL) is the most recent Pakistani bank to shut down its subsidiary, UBL Switzerland AG.
UBL Switzerland AG, a wholly-owned subsidiary of UBL, was formally wound up in December 2022, according to the company’s most recent Annual Report.
The UBL shareholders resolved at their Extra Ordinary General Meeting (EOGM) to voluntarily wind up UBL Swiss AG in August 2021. This decision was in line with the bank’s goal to exit non-core industries.
Last year, the bank also formally disbanded its Tanzanian affiliate. On May 22, 2019, UBL Bank (Tanzania) Ltd (UBTL) and EXIM Bank Tanzania Ltd (EXIM) agreed to a purchase agreement for assets and liabilities.
EXIM took over administration of UBTL’s assets and liabilities on November 1, 2019. UBL later exited the Tanzanian market after all processes were completed.