UBL announces to wind up its wholly owned subsidiary

KARACHI: United Bank Limited (UBL) on Thursday announced that  it is winding up its wholly-owned subsidiary United Executors and Trustees Company Limited.

In a letter sent to the Pakistan Stock Exchange, the UBL said: "This is to inform that the meeting of the Board of Directors held on February 19, 2020, the Board resolved to wind up United Executors and Trustees Company Limited, a wholly-owned subsidiary of UBL.”

“‘The company is inactive, hence, winding up of this company will not have any impact on the overall profitability of UBL,” the letter further said.