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Tag: UBL

  • UBL completes winding up New York Branch

    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.

  • UBL decides sale of its Tanzania operation for $3.96 million

    UBL decides sale of its Tanzania operation for $3.96 million

    KARACHI: United Bank Limited (UBL) has decided to sale of its Tanzania operation at the sale price of $3.96 million to Exim Bank Tanzania Limited.

    It was decided at the the Annual General Meeting of UBL, which has approved winding up UBL Bank (Tanzania) Limited after accepting letter of intent from Exim Bank Tanzania Limited at sale price of $3.96 million, a notification said on Tuesday.

    A special resolution for the approval of the transaction of asset and liability sale of UBL (Tanzania) Limited was discussed at the AGM.

    It was resolved that the binding letter of intent received from Exim Bank Tanzania Limited for an asset and liability sale of UBL Bank (Tanzania) Limited for TZs 9.1 billion (equal to $3.96 million) be and is hereby accepted. The said price is subject to adjustment on the closing date of the transaction, the notification said.

    The board of directors of UBL has been authorized to complete all the related regulatory, legal and other formalities of the transactions and to further authorize persons to deal and negotiate, execute and implement the transaction with the parties involved.

    The AGM further resolved that the board of directors be authorized to initiate and complete the process for the winding up of UBL Bank (Tanzania) Limited subsequent to the consummation of this transaction.