*ISLAMABAD – United Bank Limited (UBL) on Tuesday has surrendered it’slicense to the New York State Department.*
*UBL announced that it has shut down its New York branch, and hassurrendered its banking license to the New York State Department ofFinancial Services (NYDFS) on 28th January 2019.*
“Further to the disclosure made on 22 November 2018 regarding the voluntaryliquidation of United Bank Limited of its New York Branch, we write toinform you that UBL has surrendered the NY Branch’s license to the New YorkState Department of Financial Services (NYDFS) on 28 January 2019,” read aofficial *notification* sent to the Pakistan Stock Exchange (PSX).
UBL thanked the State Bank of Pakistan (SBP), the NYDFS and the FederalReserve Bank of New York (FRBNY) during the voluntary liquidation processwhen the branch was in business. In doing so, UBL has become the secondbank after HBL to have closed off its branch operations in New York.
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Earlier in November, UBL announced that it will be voluntarily closing downits New York branch as it has been commercially unviable to operate inprovided circumstances.
“As part of its global realignment strategy, UBL intends to voluntarilyliquidate and surrender its licence pursuant to the New York banking law…This is a commercial decision keeping in view the commercial viability ofthe NY branch,” UBL Company Secretary and Chief Legal Counsel Aqeel AhmedNasir said in a notification sent to the Pakistan Stock Exchange (PSX).
