UBL to invest Rs1bn in wholly-owned subsidiary UBL Currency Exchange

MG News | February 21, 2024 at 12:34 PM GMT+05:00

0:00

February 21, 2024 (MLN): The Board of Directors of United Bank Limited (PSX: UBL) has approved an investment of Rs1 billion in its wholly owned subsidiary UBL Currency Exchange (Private) Limited (UBLCEPL), the bank's filing on PSX revealed today.

With this investment, UBL would increase its paid-up capital in its subsidiary to Rs2bn, subject to all applicable corporate compliances and regulatory approvals.

This investment will help capitalize UBLCEPL for available expansion options and is expected to reap benefits for UBL in the future.

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