UBL to sell asset/liability of United Bank Tanzania to EXIM Bank

By MG News | February 28, 2019 at 09:42 AM GMT+05:00

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February 28, 2019 (MLN): United Bank Limited (UBL) and United Bank (Tanzania) Limited (UBTL) - a wholly owned subsidiary of UBL - have entered into a Letter of Intent (LOI) with EXIM Bank Tanzania Limited for the sale of the undertaking of UBTL as an asset/liabilities subject to all applicable corporate compliances and the regulatory approvals at both places, i.e. Pakistan and Tanzania.

According to an official notification issued by UBL to the Pakistan Stock Exchange (PSX), the entity of UBTL and its banking license will remain intact for the time being.

The announcement further notifies that this decision is a part of UBL's strategy for global repositioning and realignment based on purely commercial considerations.

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