United Bank Limited (UBL) has decided to settle a Rs250 million employees Trust to reward, motivate and retain high performing executives and officers of the bank, profit learnt Wednesday.
According to industry sources, the bank on Tuesday, March 13, signed a Trust Deed in respect of the UBL Employee Motivation and Retention Trust, 2011 for setting up the Employees Benefit Scheme 2011.
The Trust is envisaged to acquire the bank’s share from the open market and keep them in the Trust to be distributed to the selected officials.
With the UBL having no involvement in its functioning, the Trust would be managed by the Board of Trustees that would work independently to run the body. Under the scheme, which secured nod of the bank’s Board of Directors in its February 21st meeting, the selected officers would be benefited through being entitled to bonus shares of the UBL.