Published On: Fri, Mar 28th, 2014
Published in Category: Karachi

Bestway group invests over $120m in UBL

Share This

KARACHI: The Bestway Group, the UK based conglomerate founded and chaired by Sir Anwar Pervez, has announced that it has increased its shareholding in United Bank Limited (UBL) to 61.37% by acquiring an additional 10.3% of the shares from the Abu Dhabi Group.

Through an investment of over $120 million, Bestway Group has acquired the entire shareholding of its former joint venture partner the Abu Dhabi Group. After this investment, the management rights and control of the bank will solely rest with Bestway Group.

Following the post acquisition regulatory approvals on 19th December 2013, Sir Anwar Pervez, OBE H Pk, Chairman Bestway Group was appointed Chairman of the Board of Directors of United Bank Limited.

According to press release issued here on Thursday that The appointment followed the resignation of His Highness Sheikh Nahayan Bin Mubarak Al Nahayan from the Board of the Directors.

Bestway Group Chief Executive & UBL Director Zameer Choudrey made the announcement on behalf of the Board of Directors of UBL. “Sir Anwar was the natural and unanimous choice to Chair the Board of Directors”, said Zameer Choudrey.

Zameer further stated that “under Sir Anwar’s chairmanship UBL will continue to excel and achieve new heights”. He thanked Sheikh Nahayan and Abu Dhabi Group for their invaluable contribution towards the success of the Bank in the post privatisation period.

Zameer Choudrey who is the architect of Bestway’s international diversification has overseen Bestway emerge as Pakistan’s leading foreign investor with investments in excess of $1.5 billion through ownership of second largest cement manufacturer Bestway Cement and second largest private bank UBL.

UBL has resurrected itself from a static entity into a dynamic enterprise. Since October 2002 Bestway Group has invested nearly $0.6 billion in UBL. In the post-privatisation period, the bank’s profitability has increased from Rs. 1.5 billion to Rs. 19.7 billion and UBL has paid over Rs. 61 billion in taxes to national exchequer. The bank has donated Rs. 404.6 million towards charitable causes.

UBL has an asset base of $10.3 billion, advances of $3.9 billion and deposits of $8.4 billion. UBL has a vast network of over 1,300 branches in Pakistan. The bank has enhanced its international footprint in UK; Middle East; North America and China. Last year, the bank opened a subsidiary in Tanzania. UBL provides employment to over 17,700 people and serves over 5 million customers.

The bank has won numerous international awards and accolades. For the last two years running, UBL has been the proud winner of the UK’s Banker Magazine’s “Bank of the Year for Pakistan” award.}