UBL launches fully owned currency exchange in Karachi

News Image

MG News | June 04, 2024 at 11:27 AM GMT+05:00

0:00

June 04, 2024 (MLN): United Bank Limited (PSX: UBL) organized the official launch ceremony of UBL Currency Exchange, a wholly owned subsidiary of the bank, in Karachi yesterday.

The ceremony was attended by Jameel Ahmad, Governor of the State Bank of Pakistan (SBP), Muhammad Jawaid Iqbal, president and CEO of UBL bank, along with other senior team members of SBP and UBL.

The establishment of the currency exchange was approved by the board on September 12, 2023, with Rs1 billion as the initial paid-up capital.

Subsequently, the directors decided to invest an additional Rs1bn into the currency exchange on February 21, 2024, taking the paid-up capital in its subsidiary to Rs2bn.

The aforementioned approvals of the BoD were subject to the approval/clearance by the State Bank of Pakistan and all other regulatory compliances required in this regard in both Pakistan and the UK.

Lately, SBP informed that the leading banks actively engaged in foreign exchange business will establish wholly owned ECs to cater to the legitimate foreign exchange needs of the general public.

Owing to the frequent regulatory issues observed in the ECs, particularly in the operations of ECs-B and franchises of ECs, the Central Bank decided to consolidate and transform various types of ECs into a single category with a well-defined mandate.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 163,304.13
424.61M
-0.78%
-1286.28
ALLSHR 99,380.97
1,038.42M
-0.94%
-946.44
KSE30 49,842.51
138.16M
-0.73%
-367.30
KMI30 238,104.17
78.33M
-0.14%
-327.97
KMIALLSHR 65,590.95
485.77M
-0.66%
-435.42
BKTi 45,705.29
72.87M
-2.08%
-972.73
OGTi 32,671.23
13.00M
-0.23%
-74.93
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 110,990.00 0.00
0.00
250.00
0.23%
BRENT CRUDE 65.69 66.78
65.41
-0.30
-0.45%
RICHARDS BAY COAL MONTHLY 80.50 0.00
0.00
-1.05
-1.29%
ROTTERDAM COAL MONTHLY 92.60 0.00
0.00
0.10
0.11%
USD RBD PALM OLEIN 1,082.50 1,082.50
1,082.50
0.00
0.00%
CRUDE OIL - WTI 61.44 0.00
0.00
-0.06
-0.10%
SUGAR #11 WORLD 14.97 15.34
14.93
-0.32
-2.09%

Chart of the Day


Latest News
October 26, 2025 at 06:17 PM GMT+05:00

Key Pakistan Market Stats and Economic Indicators


October 26, 2025 at 02:20 PM GMT+05:00

Weekly Market Roundup


October 25, 2025 at 08:17 PM GMT+05:00

ECC directs urgent coordination to contain inflation


October 25, 2025 at 08:17 PM GMT+05:00

Govt mandates governance training for SOE board members


October 25, 2025 at 08:17 PM GMT+05:00

Pakistan, Canada eye collaboration in mineral, LNG sectors



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg