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Pakistan

UBL shuts down its New York branch

United Bank Limited (UBL) on Tuesday announced that it has shut down its New York branch, and has surrendered its b
Updated 30 Jan 2019

United Bank Limited (UBL) on Tuesday announced that it has shut down its New York branch, and has surrendered its banking license to the New York State Department of Financial Services (NYDFS) on 28th January 2019.

“Further to the disclosure made on 22 November 2018 regarding the voluntary liquidation of United Bank Limited of its New York Branch, we write to inform you that UBL has surrendered the NY Branch’s license to the New York State Department of Financial Services (NYDFS) on 28 January 2019,” read a official notification sent to the Pakistan Stock Exchange (PSX).

UBL thanked the State Bank of Pakistan (SBP), the NYDFS and the Federal Reserve Bank of New York (FRBNY) during the voluntary liquidation process when the branch was in business. In doing so, UBL has become the second bank after HBL to have closed off its branch operations in New York.

Earlier in November, UBL announced that it will be voluntarily closing down its New York branch as it has been commercially unviable to operate in provided circumstances.

“As part of its global realignment strategy, UBL intends to voluntarily liquidate and surrender its licence pursuant to the New York banking law… This is a commercial decision keeping in view the commercial viability of the NY branch,” UBL Company Secretary and Chief Legal Counsel Aqeel Ahmed Nasir said in a notification sent to the Pakistan Stock Exchange (PSX).

Copyright Business Recorder, 2019

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