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UBL to Shut Down 54 years old Switzerland Subsidiary

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UBL to Shut Down 54 years old Switzerland Subsidiary

KARACHI: United Bank Limited (UBL), one of Pakistan’s major commercial banks by network and second-biggest by deposits, has opted to voluntarily wind down its wholly-owned subsidiary, UBL (Switzerland) AG, as part of its worldwide realignment strategy.

According to a statement published to the Pakistan Stock Exchange on Monday by the UBL legal team, the decision is consistent with UBL’s policy of exiting non-core areas. “UBL’s decision to wind up UBL (Switzerland) AG will have no meaningful impact on the UBL’s overall operating and financial position,” the company stated in a statement.

“UBL’s decision to wind up UBL (Switzerland) AG will have no major impact on the UBL’s overall operating and financial position,” the company stated, adding that the decision is subject to applicable legal and regulatory approvals, including approval from UBL shareholders.

United Bank AG (Zurich), afterwards renamed UBL (Switzerland) AG, formed the subsidiary in 1964. The Swiss Financial Market Supervisory Authority authorized and supervised the bank. UBL (Switzerland) AG took part in Switzerland’s deposit guarantee programme. This deposit guarantee plan applies to credit balances made by private persons (both Swiss and foreign), legal entities, and financial institutions (Swiss and foreign).

UBL (Switzerland) AG is a member of and contributes to esisuisse – Deposit Insurance (ESI). UBL (Switzerland) AG is the 209th largest bank in Switzerland in terms of total assets, according to market figures.

In 2019, the bank’s total assets were 204,34 million CHF, giving it a market share of 0.01 percent. In 2019, UBL (Switzerland) AG employed 13 people.

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