The Board of Directors of United Bank Limited has approved an investment of Rs 1 billion in its wholly-owned subsidiary, UBL Currency Exchange (Private) Limited (UBLCEPL).
According to a filing with the Pakistan Stock Exchange (PSX) on Wednesday, this investment aims to increase UBL’s paid-up capital to Rs 2 billion in its exchange company.
However, this is subject to all applicable corporate compliances and regulatory approvals.
This investment will help capitalize UBLCEPL for available expansion options and is expected to reap benefits for UBL in the future.
Earlier, in September 2023, UBL announced the establishment of a wholly-owned exchange company with a paid-up capital of Rs 1 billion after the State Bank of Pakistan (SBP) cracked down on currency exchange companies to control the dollar rate in the country.
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Muneeb Ahmad janjua from Sambrial Sialkot Panjab Pakistan contact number03416344479