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UBL surrenders New York branch license

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Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com
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United Bank Limited has surrendered its New York branch license to the NY state department (NYDFS) on January 28, in accordance with Section 605.11 (c) of the liquidation of NY branch.

 

The management in a letter to Pakistan Stock Exchange (PSE) stated that the New York branch of United Bank Limited is thus closed as of January 28, 2019.

It is to be noted here that the Habib Bank Limited earlier had the same issue with New York state department (NYDFS).

 

UBL management in a letter to Pakistan Stock Exchange (PSE) has appreciated the assistance by the State Bank of Pakistan (SBP), NYDFS and Federal Reserve Bank of New York during the (voluntary) liquidation process.

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