Abu Dhabi Group has sold 20 per cent stake in Pakistan’s United Bank Limited (UBL) to a British conglomerate for an undisclosed amount.
Pakistan Press International (PPI) said that the UK-based the Bestway Group bought stake from Abu Dhabi Group. A consortium consisting of two groups acquired 51.07 per cent in Pakistan’s second largest private bank in 2002 with management rights through Government of Pakistan privatization process.
Consortium currently owns 61.37 per cent of bank with Bestway Group at 31.07 per cent and Abu Dhabi Group at 30.30 per cent. After this investment, management rights and control of bank will continue to remain within the same consortium. No changes are being made in senior management or in board of directors, the news agency said.
“This is a strategic long term investment for Bestway Group. We are delighted to make this acquisition as we believe that UBL is a solid bank with a huge potential for the future,” Zameer Choudrey, chief executive of Bestway Group said.