Top Pakistani Bank to surrender licence in America
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ISLAMABAD – United Bank Limited (UBL) to surrender its license in the United States of America.
The decision has been taken as part of the Bank’s global realignment strategy and keeping in view the commercial viability of the operations there.
According to the filing to Pakistan Stock Exchange Thursday, the Bank said that it has notified this intent to New York Deparment of Financial Services (NYDFS). UBL will continue to work closely with its US regulators throughout the voluntary liquidation process to ensure that the New York is wound down in an orderly manner, complying with all applicable Federal and State Laws, rules and regulations.
