KARACHI: United Bank Limited (PSX: UBL) on Monday organized an official launch ceremony of its wholly-owned subsidiary, UBL Currency Exchange (Private) Limited (UBLCEPL), in Karachi.
The launch ceremony was attended by Governor State Bank of Pakistan Jameel Ahmad, President & CEO UBL Muhammad Jawaid Iqbal, along with other senior team members of SBP and UBL.
The Board of Directors of UBL in September 2023 approved the establishment of an exchange company with Rs. 1 billion as paid-up capital.
On February 21, 2024, the bank approved an investment of Rs. 1 billion in its currency exchange company to increase its paid-up capital to Rs. 2 billion.
At the time of filing, UBL’s scrip at the bourse was Rs. 221.69, up 0.05 percent or Rs. 0.12 with a turnover of 402,839 shares on Tuesday.
