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Bestway Enhances Shareholding in UBL
News & Announcements

Bestway Enhances Shareholding in UBL

December 29, 2010: The Abu Dhabi Group ("ADG") is a shareholder of United Bank Limited ("Bank") holding approximately 25.5% of the issued and outstanding ordinary shares of the Bank and 4.8% of the Global Depository Receipts issued by the Bank.

ADG has, subject to all regulatory approvals, entered into a Share Purchase Agreement dated December 28, 2010 with Bestway (Holding) Limited ("Bestway") being an existing shareholder of the Bank, for the sale of 20% of the issued and outstanding ordinary shares of the Bank.

Both Bestway and ADG have applied to the State Bank of Pakistan in order to obtain its approval to proceed with the sale and purchase of the ADG Shareholding.

UBL is one of Pakistan's largest private banks with an asset base of Rs. 650 billion, advances at Rs. 344 billion, over Rs. 500 billion in deposits, CAR of 14.4% and an EPS of 8.7x. It has an extensive network of over 1,100 branches in Pakistan and a strong presence overseas with 17 branches, three representative offices, a subsidiary and two joint ventures in 11 countries.

With a wide-ranging and dynamic portfolio of globally competitive products and services, and a proven track record spanning over half a century, UBL today is at the forefront of the banking sector in Pakistan as well as in the region.

Going forward, the Bank will continue to focus on strengthening its balance sheet through the acquisition of low cost deposits and improvement in asset quality, as well as grow its international business in a secure and selective manner.

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