Islamabad, May 13, 2025 — The Government of Pakistan is considering a joint venture model to operate the Roosevelt Hotel in New York, aiming to generate long-term economic returns while retaining full ownership of the property.
(more…)Tag: New York Branch
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HBL to complete New York branch closure by March 31
KARACHI: Habib Bank Limited (HBL) on Monday said that it will complete the closure of its New York Branch by March 31, 2020 in coordination with the New York State banking regulators.
In information shared with the Pakistan Stock Exchange (PSX), the bank said that upon such closure HBL will no longer operate any bank branch in the United States.
The bank said that it wishes to thank the State Bank of Pakistan (SBP), the New York State Department of Financial Services, and the Federal Reserve Bank of New York for their consistent support and cooperation through the process of winding down and closing the New York Branch.
HBL remains committed to engaging in progressive banking practices while ensuring compliance with all international and local laws and regulations across its network, the bank said.
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UBL completes winding up New York Branch
KARACHI: United Bank Limited (UBL) has completed winding up of its New York Branch following the agreement was terminated by Federal Reserve Bank of New York (FRBNY), a statement said on Friday.
In a notices sent Pakistan Stock Exchange (PSX), the bank said that further to the disclosure made on January 29, 2019 regarding the voluntary liquidation by UBL of its New York Branch, and surrendering of the NY Branch’s License to the New York State Department of Financial Services (the “NYDFS”), in accordance with Section 605.11 (c) of the New York Banking Law and the procedures prescribed by the NYDFS.
The bank informed that consequent upon the liquidation of “NY Branch”, in an orderly manner, the Federal Reserve Bank of New York (“FRBNY”) has informed that the Written Agreement dated 02 July 2018 (WA-2018), signed by and among the FRBNY, UBL and NY Branch has been terminated.
This disclosure was made public by Federal Reserve Board on 23 May 2019 after the office hours in Pakistan. The termination of WA-2018 marks the completion of UBL NY Branch winding down process in an orderly manner under the guidance of both the Regulators i.e. NYDFS and FRBNY.
UBL deeply appreciates the assistance provided by the State Bank of Pakistan, the New York Department of Financial Services, and the Federal Reserve Bank of New York during the voluntary liquidation process and during the time that the NY Branch was in business.