 meeting approved the establishment of an EC with Rs 1 billion in initial paid-up){kind=link}
United Bank Limited (UBL) has declared plans to start its own exchange company in Karachi.
UBL establish exchange company: The Board of Directors (BoD) meeting approved the establishment of an EC with Rs 1 billion in initial paid-up capital as a wholly-owned subsidiary of UBL, according to the details provided in the statement.
Following the SBP’s recent decision to lift the ban on B-category exchange company formation, banks have begun to establish exchange businesses.
According to the SBP official statement, “as part of these reforms, leading banks actively engaged in the foreign exchange business will establish wholly-owned Exchange Companies (EC) to serve the legitimate foreign exchange needs of the general public.”
Additionally, UBL has made the decision to sell Bestway Group (BG) its 55 percent ownership stake in United National Bank Limited (UNBL UK).
Earlier, investigations by multiple authorities revealed a connection between illegal money transactions and bankers.
According to sources, illegal money exchanges coordinated a network with several banks to retain money. Authorities have stated that 78 bankers and cashiers in Islamabad have been involved in this illegal arrangement.
According to sources, the bankers coordinated the locker arrangements with those engaged in unlawful activity. Further, Sources have report that millions of cash have been deposite into these lockers.