UNITED BANK LIMITED
United Bank Limited Pakistan, the introduction of United bank, history of United bank, what is United banking system, United banking sector,
United Bank Limited (UBL) is a Pakistani commercial bank that is a subsidiary of Bestway Group, a British company. It resides in Karachi, Pakistan. It is one of the largest private-sector banks in Pakistan. With more than 1,390 branches across Pakistan, 19 branches overseas, and a customer base of more than 4 million.
The bank has an asset base of more than $15 billion, a global workforce of nearly 13,000 people. A diversified client base that covers a broad spectrum of segments and industries worldwide. United Bank provides wholesale and retail banking services through its 12-country branch network. Including the UAE, Bahrain, Qatar, Yemen, UK, Switzerland, China, Oman, US, Tanzania, Iran, and Pakistan.
111-825-888 is the Helpline of United BankHelpline
Opening time 9 AM Monday · 0519-314277 is the Contact number of United BankContact number of UBL
History of United Bank
In 1959, Agha Hasan Abedi founded the bank, and it became Pakistan’s second-largest bank under his leadership. The Bank was nationalized by the Pakistan government in 1974. This, in turn, led to the establishment of the Bank of Credit and Commerce International by Agha Hasan Abedi.
United Bank Share
In 2002, Pakistan’s government sold 51 percent of bank shares to an Abu Dhabi Group and Bestway consortium. In turn, the bank merged its activities in the UK with those of the National Bank of Pakistan to form United National Bank Limited. United Bank owns 55 percent of the joint venture and the rest is owned by the National Bank of Pakistan.
In June 2014, the government sold off its remaining 19.8 percent of the bank’s shares for $387 million (of which $310 million was in foreign exchange). In November 2018, UBL revealed it had voluntarily shut down its branch in New York City because it was financially non-viable to operate
UBL POS Terminal
United Bank Limited has entered into a contract with Access Group to enable DigitalPass–POS terminals. In an effort to increase its business presence in Pakistan. DigitalPass is part of the Access Group. With a presence in more than 200 cities and towns across the country serving the needs of different merchants.
Dealing with the United Bank
According to this deal, Access Group will provide UBL with the provision of POS terminals to comparatively improve the presence of banking activities. It will also help to improve the Bank’s POS terminal-based Network outreach.
As the largest private-sector bank, UBL has over 1,390 branches across the country, and 18 branches outside Pakistan. It has a customer base of over 4 million, leading the country’s financial and banking services.
Online Banking with United Bank
UBL’s ex-president Muhammad Shafiq khan thought it prudent to start online banking with a united bank. Customers are able to access their online banking with united bank accounts through this facility from more than 1200 branches located in 150 cities across Pakistan.
Transactions like Cash Deposit, Cheque Encashment, Stop Payment, Account Statement, Funds Transfer, Bill Payments are carried out online without having to travel to the local branch.Transactions
Analysis of the Economy of the United Bank
For Pakistan’s economy, 2019 has been a tumultuous year. A large, albeit diminishing, trade imbalance and deteriorating. The fiscal deficit has created severe pressure on the country’s FX reserves and dented momentum for expansion. Nonetheless, H1’19 ended on a positive note with the finalization of the IMF program, which will user in required structural reforms to resolve long-standing economic structural weaknesses and lay the foundation for broad-based, sustainable growth.
Extended Fund Facility of United Bank
On June 19, the IMF approved a 39-month Extended Fund Facility (EFF) for the country amounting to around USD 6 billion. With the accession of the IMF program, Pakistan must embark on a comprehensive reform agenda aimed at broadening the tax base.
Restoring savings, restructuring the energy sector and improving the efficiency of state-owned companies. In addition to expanding Pakistan’s access to international bond markets. Which will ease the burden on FX reserves, the plan will also pave the way for external funding from other multi-lateral agencies.
United Bank International
In the GCC, economic activity remains slow. The region has seen some economic upswing in non-oil production. Higher spending in the public sector and higher investment ahead of Expo 2020.
However, given that the oil sector continues to play a major role in the economy. The revival of the cuts in OPEC oil production and relatively low oil prices have hindered the rebound.
During H1’19 the total deposits of UBL International stood at USD 1.8 billion (H1’18: USD 2.2 billion). Deposit costs were reported in H1’19 at 2.2 percent. The same amount as H1’18 following a 50 bps rise in LIBOR over the last year.
Net Development Ending
Net developments ended at USD 1.0bn (Dec 18: USD 1.2bn). In H1’19 the NPLs grew by USD 22.7 million to end at Jun’19 at USD 315.5 million. During the time under review, a liability fee of USD 16.3 million was taken to further expand portfolio coverage.
Net deposits, consisting mainly of overseas debt, finished June 19 at USD 644.8 million (Dec 18: USD 635.5 million) with a yield of 6.2% (Dec 18: 6.5%).
As Pakistan’s leading financial institution with a footprint across major industries. UBL is committed to contributing effectively to the economic development, helping it to realize its true potential.
We will aim to enhance financial inclusion in the country to put banking convenience within any Pakistani’s scope. Branch Banking will continue to be the pillar of our business. Where we will continue to invest in expanding NTB customer acquisitions and enhancing service levels.
Creating our technology skills to redefine customer experience and increase digital penetration in the current portfolio is our focus. Considering the tightening credit climate, new asset bookings will remain cautious. Restricted to RWA accessible avenues of top quality.
Within Global, the emphasis on optimum allocation of capital will tend to be de-risk. In accordance with global best practices. It is our responsibility to further improve the regulatory culture within the bank.
Awards and Honors
In May 2016, UBL was awarded’ Best Bank 2016′ under the auspices of the Institute of Bankers Pakistan at the first Pakistan Banking Awards held. The category ‘ Best Bank‘ honors a bank that has demonstrated the greatest contribution to national development. The most productive management of its resources including its staff, customers, franchise, society, and financials.