UBL concludes asset sale transaction of Tanzania operation

KARACHI: United Bank Limited (UBL) has said that it has concluded transactions related to Asset Liabilities Sale of its operation in Tanzania.

The bank on Monday informed the Pakistan Stock Exchange (PSX) that the transactions related to Assets Liabilities Sale of UBL Bank (Tanzania) Limited (UBTL), a wholly owned subsidiary of United Bank Limited, had been concluded with Exim Bank Tanzania Limited.

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

Simultaneously, the orderly liquidation of the UBTL is in process, the bank said.

It further said that the decision is part of UBL’s strategy for global repositioning and realignment based on purely commercial consideration.

The bank said that it appreciated 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.

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