UBL to Inject Another Rs. 1 Billion in Currency Exchange Subsidiary

The Board of Directors of United Bank Limited (PSX: UBL) has approved an investment of Rs. 1 billion in its wholly-owned subsidiary UBL Currency Exchange (Private) Limited (UBLCEPL) to increase its paid-up capital to Rs. 2 billion, subject to all applicable corporate compliances and the regulatory approvals. While announcing its financial results for the year ended December 31, 2023, UBL told the main bourse that this investment will help capitalize UBLCEPL for available expansion options and is expected to reap benefits for the bank in the future. It bears mentioning that UBL in September 2023 first decided to set up an exchange company to actively engage in foreign exchange business and to cater to the legitimate foreign exchange needs of the general public.