Friday 13th June 2014

Government of Pakistan Sells Its Stake in United Bank Limited

In June 2014 the Government of Pakistan sold its remaining 19.8% stake to international investors for US$387 million. UBL was Pakistan's first transaction in the global equity market in almost eight years.

Morgan Stanley, Templeton, Lazard, Wellington, Everest and Blackrock were among several foreign equity funds that participated in the UBL shares sale.

Zameer Choudrey Bestway Group Chief Executive & UBL Director said, “This is a resounding vote of confidence in Pakistan’s Premier Banking Institution; its management & staff that have led and managed the transformation of the bank”.

Highlighting the rational behind UBL’s selection as the country’s first transaction in the global equity markets in almost eight years; independent analysts point towards bank’s exceptional performance since privatisation of the bank.

The Bank was privatised in October 2002 and was acquired by Bestway Group. Since October 2002, the Bank’s balance sheet has more than tripled with deposits increasing from US$ 2.69 billion to US $ 9.18 billion and asset base increasing from US$ 3.12 billion to US$ 11.17 billion, with UBL emerging as the 2nd largest retail bank in Pakistan.

UBL provides employment to over 17,700 people globally as compared to 9,200 at the time of acquisition. The KSE listed bank’s market capitalisation is in excess of US$2.39 billion. Since June 2007 UBL’s Global Depository Receipts are being traded at the London Stock Exchange. UBL is also part of the Morgan Stanley International Global Indices since May 2006.

Press Office Enquiries

Contact our Press Office with any of your press or PR enquiries by contacting media@bestway.co.uk.

Press Enquiries

General Enquiries

General enquiries should be submitted through Contact us to ensure that the right department receives your query.

Contact us