UBL-NBP venture in UK renamed 'United National Bank'

KARACHI (November 21 2002) : The UK based joint venture of United Bank Limited and National Bank of Pakistan has been renamed as 'United National Bank Limited'.

Earlier, the name of the joint venture was 'Pakistan International Bank (UK) Ltd'.

The restyled bank has received all required authorisation and approvals, including that of the FSA, and will be known by its new name forthwith.

The ownership structure of United National Bank Limited remains as it was–owned 55 percent by United Bank Ltd and 45 percent by National Bank of Pakistan. It was launched in November 2001 with an initial capital of 30 million pounds.

The only change to the shareholding structure is that United Bank has recently been privatised in Pakistan and now is owned 49 percent by the Government of Pakistan and 51 percent by a joint investment vehicle comprising the consortium of Abu Dhabi Group and the consortium of Bestway Group.

United Bank will continue to concentrate its operations on customer and commercial banking with emphasis on trade finance transactions and cross-border structure transactions. The bank maintains a private banking presence located in Sloane Street, London SW1 and in addition to the two branches in London (Sloane Street and its City-based HQ). It has further five UK outlets–in Glasgow, Manchester, Birmingham, Bedford and Sheffield.

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