REG - United Bank Limited - MATERIAL INFORMATION – VOLUNTARY WINDING UP

United BankAnnouncement

14/06/2021 09:10

RNS Number : 7784B
  
United Bank Limited
  
14 June 2021
  
 

Secretary's Department
SD/PSX/Material/UBLSAG(Exit)/21
12 June 2021
 
The General Manager

Pakistan Stock Exchange Limited

Stock Exchange Building,

Stock Exchange Road,

Karachi.
 
Dear Sir,
 
MATERIAL INFORMATION - VOLUNTARY WINDING UP OF UBL (SWITZERLAND) AG - A WHOLLY OWNED SUBSIDIARY OF UNITED BANK LIMITED ("UBL")
 
As part of its global realignment strategy, UBL intends to voluntarily wind up its wholly owned subsidiary, UBL (Switzerland) AG.
 
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.
 
 
Yours faithfully,
 
 
          Sd/-
Aqeel Ahmed Nasir
Company Secretary &
Chief Legal Counsel 
 
Copy to: 
 
1.   The Director,
Surveillance, Supervision & Enforcement Department 
Securities and Exchange Commission of Pakistan 
NIC Building, 63-Jinnah Avenue, Blue Area Islamabad
 
2.   London Stock Exchange
 
 
 
 
 
"ANNEXURE - A" 
 
DISCLOSURE FORM 
IN TERMS OF SECTIONS 96 AND 131 OF THE SECURITIES ACT, 2015
 
 




Name of Company:


United Bank Limited




Date of Report:


12 June 2021




Registered Address of the Company: 


13th Floor, UBL Building, Blue Area, Islamabad.




Contact information:


Aqeel Ahmed Nasir, 
Company Secretary & Chief Legal Counsel United Bank Limited. 
Telephone Number: 021-990332960 - 021-32400419 




 
 [a] Disclosure of inside information by listed company in terms of section 15D 
 
Public disclosure of price sensitive / inside information, which directly concerns the listed securities. 
 
As part of its global realignment strategy, UBL intends to voluntarily wind up its wholly owned subsidiary, UBL (Switzerland) AG. 
 
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.
 
 
           Sd/-
Aqeel Ahmed Nasir
Company Secretary &
Chief Legal Counsel 
 

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