In its notice at PSX Website, the bank said, “this decision is in line with the UBL’s strategy to exit from non-core markets. As part of its global realignment strategy, UBL intends to voluntarily wind up its wholly owned subsidiary, UBL (Switzerland) AG.”
It further said that the winding up is subject to relevant legal and regulatory approvals including approval of the shareholders of UBL.
UBL and UBL (Switzerland) AG will continue to work closely with all stakeholders throughout the winding up process to ensure that UBL (Switzerland) AG is wound up in an orderly manner, fulfilling all its obligations and complying with all applicable laws, rules and regulations.
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 notice said.