UBL to wind up its wholly owned subsidiary

MG News | February 20, 2020 at 10:23 AM GMT+05:00

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February 20, 2020 (MLN): The Board of Directors of United Bank Limited (UBL), in its meeting held on February 19, 2020, has resolved to wind up “United Executors and Trustees Company Limited”, a wholly-owned subsidiary of UBL.

‘The company is inactive, hence, winding up of this company will not have any impact on the overall profitability of UBL’, the notice issued by the Bank said.

Besides the aforesaid resolution, the Board of Directors also discussed and announced the financial results for the year ended December 31, 2019, wherein the Bank reaped a decent growth of 33.7% in its net profits after tax to Rs 20.7 billion, from Rs 15 billion earned in the previous year.

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