UBTL concludes the sale of its Asset Liabilities with Exim Bank Tanzania Limited

By MG News | November 04, 2019 at 10:59 AM GMT+05:00

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November 4, 2019 (MLN): United Bank Limited, Pakistan (UBL) has informed the Pakistan Stock Exchange that the transactions related to Asset Liabilities Sale of UBL Bank (Tanzania) Limited (UBTL), a wholly owned subsidiary of UBL, has been concluded with Exim Bank Tanzania Limited

Besides, the banking license, awarded by Bank of Tanzania (the Central Bank of Tanzania) to UBTL, has been surrendered to Bank of Tanzania.

Simultaneously, the orderly liquidation of UBTL is in process.

According to the notice issued by UBL on Monday, the decision is part of UBL’s strategy for global repositioning and realignment based on purely commercial considerations.

‘UBL deeply appreciates the support provided by the State Bank of Pakistan and Bank of Tanzania during the process of concluding the transaction of Assets and Liabilities Sale of UBTL’ the notice stated.

To recall, UBL and UBTL had entered into a Letter of Intent (LOI) with EXIM Bank Tanzania Limited back in February 2019, for the sale of the undertaking of UBTL as an asset/liabilities.

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