UBL concludes sale of its subsidiary in Tanzania

KARACHI: United Bank Limited (UBL) Pakistan has concluded the sale of Assets and Liabilities of UBL Tanzania (UBLT) to Exim Bank Tanzania Limited, a company notice sent to the Pakistan Stock Exchange (PSX) said on Monday.

UBLT is a wholly owned subsidiary of UBL Pakistan. The notice further said that the banking license awarded by the Central Bank of Tanzania has been surrendered and orderly liquidation of UBLT is in process.

The decision is part of UBL's strategy for global repositioning and realignment based on purely commercial considerations, read the notice.