Last checked at 22 Feb 2018 07:00
Secretary's Department
SD/PSX/Material-Info(UBL NY)/2018
February 22, 2018
The General Manager
Pakistan Stock Exchange Limited
Stock Exchange Building,
Stock Exchange Road,
Karachi.
Dear Sir,
DISCLOSURE OF MATERIAL INFORMATION
Yesterday a report has been published by Bloomberg regarding United Bank Limited (UBL). The report quotes an analyst at Elixir Securities as stating that the "bank said in its annual report it may face a similar issue as Habib Bank in NY operations." This is not accurate.
UBL's Unconsolidated Financial Statements as at December 31, 2017 make no reference to Habib Bank or to any issues that Habib Bank has faced. Rather, UBL's Unconsolidated Financial Statements as at December 31, 2017 provide in relevant part as under:
"UBL & its New York Branch have entered into a Written Agreement in 2013 with the Federal Reserve Bank of New York (FRBNY) to address certain compliance and risk management matters relating primarily to compliance with Anti Money Laundering Regulations including the Banking Secrecy Act. Management is in the process of addressing the matters highlighted in the Written Agreement and in the subsequent inspections. While the Bank seeks to comply with all possible laws and regulations and at this stage there is no indication of any financial impact, it is not possible to ascertain the eventual outcome of these matters."
UBL's Management is committed to safeguarding the interests of all stakeholders. UBL's financial results for 2017 speak for themselves, and UBL has announced a final cash dividend of Rs.4 per share (40%), which is in addition to interim dividends of Rs.9/- per share (90%).
The members of the Exchange may be informed accordingly.
Yours faithfully,
Sd/-
Aqeel Ahmed Nasir
Company Secretary &
Chief Legal Counsel
Copy to:
London Stock Exchange
ANNEXURE "A"
DISCLOSURE FORM IN TERMS OF SECTIONS 15D(1) OF THE
SECURITIES AND EXCHANGE ORDINANCE, 1969
Name of Company: | United Bank Limited |
Date of Report: | February 22, 2018 |
Exact Name of the Company as specified in memorandum | United Bank Limited |
Registered Address of the Company | 13th Floor, UBL Building, Blue Area, Islamabad. |
Contact Information: | Aqeel Ahmed Nasir, Company Secretary & Chief Legal Counsel Telephone Number: +92 21 990330960 & +92 21 32400419 |
Please mark the appropriate box below.
[P] Disclosure of price sensitive information by listed company.
Public disclosure of price sensitive information, which directly concerns the listed securities.
Yesterday a report has been published by Bloomberg regarding United Bank Limited (UBL). The report quotes an analyst at Elixir Securities as stating that the "bank said in its annual report it may face a similar issue as Habib Bank in NY operations." This is not accurate.
UBL's Unconsolidated Financial Statements as at December 31, 2017 make no reference to Habib Bank or to any issues that Habib Bank has faced. Rather, UBL's Unconsolidated Financial Statements as at December 31, 2017 provide in relevant part as under:
"UBL & its New York Branch have entered into a Written Agreement in 2013 with the Federal Reserve Bank of New York (FRBNY) to address certain compliance and risk management matters relating primarily to compliance with Anti Money Laundering Regulations including the Banking Secrecy Act. Management is in the process of addressing the matters highlighted in the Written Agreement and in the subsequent inspections. While the Bank seeks to comply with all possible laws and regulations and at this stage there is no indication of any financial impact, it is not possible to ascertain the eventual outcome of these matters."
UBL's Management is committed to safeguarding the interests of all stakeholders. UBL's financial results for 2017 speak for themselves, and UBL has announced a final cash dividend of Rs.4 per share (40%), which is in addition to interim dividends of Rs.9/- per share (90%).
Sd/-
Aqeel Ahmed Nasir
Company Secretary &
Chief Legal Counsel
Dated: February 22, 2018