UCB to form subsidiaries in Qatar, UAE

United Commercial Bank (UCB) yesterday decided to form subsidiaries in Qatar and the UAE to expand its Money Services Business (MSB) operations, according to a company disclosure on the Dhaka Stock Exchange (DSE) website.

The bank is targeting countries where many non-resident Bangladeshis reside as they require such services to send their hard-earned money back home. However, the decision taken by the listed commercial bank's board of directors is still subject to approval from the relevant regulatory authorities.

The company had earlier announced that it decided to enter Malaysia, Hong Kong and Singapore for the same business.

An MSB is a type of financial service that involves currency exchange and money transfer.

Stocks of UCB rose 1.37 per cent to close at Tk 14.80 at the DSE yesterday.