KARACHI: United Bank Limited (UBL), one of the largest commercial banks by network and second-largest by deposits in Pakistan, has decided to voluntarily wind up its wholly-owned subsidiary, UBL (Switzerland) AG, as part of its global realignment strategy.

According to a statement submitted by the UBL legal team to the Pakistan Stock Exchange on Monday, the decision is in line with UBL’s strategy to exit from non-core markets. “UBL’s decision to wind up UBL (Switzerland) AG will not have any material impact on the overall operating and financial position of the UBL,” the UBL statement said.

“UBL’s decision to wind up UBL (Switzerland) AG will not have any material impact on the overall operating and financial position of the UBL,” the UBL said, adding that the decision is subject to relevant legal and regulatory approvals, including the approval of the shareholders of UBL.

The subsidiary was founded in 1964 as United Bank AG (Zurich) later renamed UBL (Switzerland) AG. The bank was authorised and supervised by the Swiss Financial Market Supervisory Authority. UBL (Switzerland) AG participated in the deposit guarantee scheme of Switzerland. This deposit guarantee scheme applies to credit balances made by private individuals (Swiss and foreign), legal entities (Swiss and foreign).

UBL (Switzerland) AG is a member of esisuisse – Deposit Insurance (ESI) and makes its contributions to it. According to market statistics, UBL (Switzerland) AG is the 209th largest bank in Switzerland in terms of total assets.

In 2019 its total assets were 204,34 million CHF, providing the bank with a market share of 0.01 per cent. UBL (Switzerland) AG had 13 employees in 2019.

The author is a senior business and economy journalist . He has worked for leading local and international news organisations.

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