UBL completes sale of UNBL UK shareholding

KARACHI: United Bank Limited (UBL) has finalized the sale of its shareholding in United National Bank Limited UK (UNBL UK), following the receipt of all necessary regulatory approvals, according to a filing with the Pakistan Stock Exchange (PSX) on Friday.

“We are pleased to convey that the transaction for the sale of UBL’s shareholding in UNBL, after obtaining all the regulatory approvals, has been concluded,” stated the bank in its notification.

According to AKD Research, UBL held a 55 per cent stake in UNBL UK.UNBL UK was established in 2001 through the merger of the UK branches of UBL and NBP. Its primary operations include retail banking, wholesale banking, treasury services for financial institutions, and trade finance solutions for businesses of varying sizes.UBL UK currently operates a single branch within the UK.