KARACHI: United Bank Ltd (UBL) told its shareholders on Monday it was voluntarily winding up its wholly owned subsidiary, UBL (Switzerland) AG.

In a regulatory filing on the Pakistan Stock Exch­ange (PSX), the country’s third largest lender by total assets said the decision was in line with the bank’s strategy to exit from non-core markets. Closing down the subsidiary will not have any material impact on the overall operating and financial position of the bank, it added.

The latest quarterly accounts show the carrying value of UBL (Switzerland) AG on the holding company’s balance sheet was only Rs590 million, or 0.05 per cent of its total investments.

The subsidiary gets its revenues mainly from trade-related business. Its top line shrank 11pc year-on-year to Rs880m in 2020. Similarly, its profit amounted to Rs145m in 2020, down 55pc from a year ago.

UBL disposed of another wholly owned subsidiary, UBL Bank (Tanzania) Ltd, in November 2019. Its carrying value on the holding company’s balance sheet was Rs142m.

Before that, the bank closed down its New York branch and also liquidated its shareholding in Oman United Exchange Company, Muscat, to focus on its core markets.

With pre-tax earnings of Rs1.68 billion, UBL’s international branch operations contributed 13.4pc to the bank’s consolidated income-before-tax in the January-March quarter.

Published in Dawn, June 15th, 2021

Opinion

Sialkot speaks
31 Jul 2021

Sialkot speaks

The PML-N leadership is shell-shocked. A drubbing by the PTI in Sialkot? In the heart of Sharif territory?
Who messed up Afghanistan?
31 Jul 2021

Who messed up Afghanistan?

Russia and USA are squarely responsible for Afghanistan’s tragedy but Pakistan is certainly not innocent.

Editorial

31 Jul 2021

China-Taliban meeting

WITH the government in Kabul appearing to stand on very fragile foundations, and as the clock ticks down to the ...
31 Jul 2021

Outages in Makran

IT is no surprise that people in Balochistan’s Makran Division have of late taken to the streets to protest in the...
31 Jul 2021

Reduction in polio cases

AFTER the long and tedious efforts of those running the national polio programme, there are signs that Pakistan ...
30 Jul 2021

Judge’s elevation

A CONTROVERSY roiling the legal fraternity for a few weeks has come to a head. It was precipitated by the Judicial...
PTI’s Sialkot win
30 Jul 2021

PTI’s Sialkot win

The PML-N’s internal duality is a particularly acute factor that is dragging down the party in electoral contests.
30 Jul 2021

Attack on Chinese

AN attack targeting two Chinese nationals in Karachi on Wednesday should put the security apparatus on alert in ...