United Bank Limited announced the closure of its subsidiary, UBL Switzerland AG, with permission from the host country’s financial regulator.
The bank’s management made the decision to close the subsidiary in keeping with the bank’s strategy of exiting non-core markets.
As a result, the shareholders resolved to wind down UBL Switzerland AG, a wholly-owned subsidiary of the Bank, in a voluntary and orderly manner at the Bank’s Extra-Ordinary General Meeting (EOGM) on August 06, 2021.
UBL Switzerland AG was removed from regulatory supervision by the Swiss Financial Market Supervisory Authority (FINMA) on March 24, and the bank subsequently entered voluntary liquidation on March 31, 2022, according to the bank’s quarterly financial report for 2022.
The liquidator has been appointed as Deloitte AG. The entity’s liquidation is subject to compliance with applicable legal and regulatory requirements in both Pakistan and Switzerland. The subsidiary will begin permanently closing operations, liquidating any remaining assets, and utilizing the profits to settle as many of the bank’s remaining liabilities as feasible.
Customer accounts are canceled and cheques for the number of their insured deposits are delivered to account holders.