Karachi: Board of Directors of United Bank Limited (UBL) announced it will establish an Exchange Company (EC) as wholly-owned subsidiary of Bank. Development was shared by UBL in notice to Pakistan Stock Exchange. Board of UBL in meeting approved "Establishment of an EC with Rs 1 billion as initial paid-up capital, as wholly-owned subsidiary of UBL," read notice.

Establishment of subsidiary is subject to approval by State Bank of Pakistan and other regulatory compliance, added notice. Development comes after SBP in its bid to strengthen controls amid massive fall in rupee's value in open market, decided to introduce 'structural reforms' in ECs sector.

"As part of these reforms, leading banks actively engaged in foreign exchange business will establish wholly-owned Exchange Companies to cater to legitimate foreign exchange needs of general public," said SBP in statement.

Published in The Daily National Courier, September, 13 2023

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