UBL decides sale of its Tanzania operation for $3.96 million

KARACHI: United Bank Limited (UBL) has decided to sale of its Tanzania operation at the sale price of $3.96 million to Exim Bank Tanzania Limited.

It was decided at the the Annual General Meeting of UBL, which has approved winding up UBL Bank (Tanzania) Limited after accepting letter of intent from Exim Bank Tanzania Limited at sale price of $3.96 million, a notification said on Tuesday.

A special resolution for the approval of the transaction of asset and liability sale of UBL (Tanzania) Limited was discussed at the AGM.

It was resolved that the binding letter of intent received from Exim Bank Tanzania Limited for an asset and liability sale of UBL Bank (Tanzania) Limited for TZs 9.1 billion (equal to $3.96 million) be and is hereby accepted. The said price is subject to adjustment on the closing date of the transaction, the notification said.

The board of directors of UBL has been authorized to complete all the related regulatory, legal and other formalities of the transactions and to further authorize persons to deal and negotiate, execute and implement the transaction with the parties involved.

The AGM further resolved that the board of directors be authorized to initiate and complete the process for the winding up of UBL Bank (Tanzania) Limited subsequent to the consummation of this transaction.

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