UBL, Lucky Cement seal Rs8bn standby letter of credit deal

MG News | June 26, 2024 at 10:44 AM GMT+05:00

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June 26, 2024 (MLN): United Bank Limited (UBL) has successfully concluded a Standby Letter of Credit Facility, equivalent to Rs8 billion to Lucky Cement Limited (PSX: LUCK).

UBL informed market participants of this achievement in its recent social media post.

This marks a major milestone in the collaborative relationship between one of the largest business houses and a leading bank.

UBL is extending its lending across the business sector as earlier this month, it announced the conclusion of the largest private-sector lending to Engro Fertilizers Limited (PSX: EFERT).

The financing amounted to Rs20bn and strengthened the bilateral relationship between the two institutions.

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