Saturday, January 1, 2011

The ‘Bestway’ for United Bank Limited?

Despite a restructuring in the shareholding of United Bank Limited (UBL), management control of the bank shall remain unaffected.

A letter sent by the UBL to Securities and Exchange Commission of Pakistan cited that “the consortium of Bestway Group (BG) and Abu Dhabi Group (ADG) hold 61.37 per cent shares in and control of UBL”. The letter explained that management control of the bank will remain with this consortium.

On the other hand, some analyst believe that Bestway will take over the management of UBL in the mid of 2011.