In a notification to Pakistan Stock Exchange, United Bank Ltd which is one of the largest banks in Pakistan has notified that Asset Liabilities sale of its Subsidiary UBL (Tanzania) has been completed. UBL has sold its subsidiary to local bank Exim Bank Tanzania Limited. Moreover, UBL has also surrendered the Banking License of UBL Tanzania to Bank of Tanzania.
As per last Audited Financial statements, UBL had invested Rs. 1.8 billion in its Tanzania Subsidiary while it has booked provision of Rs.882 million from its operations.
At December-2018 end, UBL Tanzania had Rs. 6.29 billion worth of assets, while Liabilities stood at Rs. 4.95 billion. UBL Tanzania booked a loss of Rs. 117.8 million in 2018.
Due to accruing losses from its Tanzanian Subsidiary, UBL had decided to sell its holding in the bank, which is part of UBL’s Global Repositioning and Realignment strategy.