UCB to form subsidiaries in Qatar, UAE

United Commercial Bank (UCB) has decided to form subsidiaries of the bank in Qatar and UAE to operate money services businesses, albeit all subject to the approval of the regulatory authorities.

The listed commercial bank today revealed that its board of directors has taken the decision.

Earlier, it announced its decision to go to open its subsidiaries in Malaysia, Hong Kong and Singapore for the same business.

A money services business (MSB) is a transaction that involves currency exchange and money transfer.

The bank is targeting the countries where non-resident Bangladeshis live and they send their hard-earned money to the country.

Stocks of UCB rose 1.37 per cent to Tk 14.80 at the Dhaka Stock Exchange (DSE).