KARACHI: As part of its global realignment strategy, UBL intends to voluntarily wind up its wholly-owned subsidiary, UBL (Switzerland) AG.
According to material information sent to Pakistan Stock Exchange on Monday, this decision is in line with the UBL’s strategy to exit from non-core markets.
The winding up is subject to relevant legal and regulatory approvals, including approval of the shareholders of UBL. UBL and UBL (Switzerland) AG will continue to work closely with all stakeholders throughout the winding-up process to ensure that UBL (Switzerland) AG is wound up in an orderly manner, fulfilling all its obligations and complying with all applicable laws, rules and regulations. UBL’s decision to wind up UBL (Switzerland) AG will not have any material impact on the overall operating and financial position of the UBL.
Copyright Business Recorder, 2021
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