UBL To Shut Down Its New York Branch

Faizan Hashmi Published November 22, 2018 | 10:35 PM

The United Bank (UBL) has decided to close down its operations in New York. It is voluntarily liquidating and surrendering its licence, as per New York Banking Law. The decision was made after viewing the commercial viability of the NY Branch.

ISLAMABAD, (UrduPoint / Pakistan Point News - 22nd Nov, 2018 ) :The United Bank (UBL) has decided to close down its operations in New York. It is voluntarily liquidating and surrendering its licence, as per New York Banking Law. The decision was made after viewing the commercial viability of the NY Branch.

In a statement issued here Thursday, the Bank informed the pakistan stock exchange of the development and told that it will continue to work closely with its US regulators throughout the voluntary liquidation process to ensure that the New York branch is close down in an orderly manner, complying with all applicable laws, a private news channel reported .