UBL intends to wind up its wholly-owned subsidiary, UBL (Switzerland) AG

By MG News | June 14, 2021 at 10:05 AM GMT+05:00

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June 14, 2021 (MLN): As part of its global realignment strategy, UBL intends to voluntarily wind up its wholly-owned subsidiary, UBL (Switzerland) AG, notification issued to PSX said.

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 the 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, the notification added.

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