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UBL Expands Overseas Network Business Recorder,
August 6, 2006 |
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Dubai, United Bank Limited, Pakistan’s
third largest commercial bank owned by the Consortium of Abu
Dhabi Group and Bestway Group of UK announced its NEW strategic
initiatives in the Middle East and network expansion at a press
conference held in Dubai on Saturday.
Addressing the press, Atif R. Bokhari, President and Chief Executive
Officer UBL said that the Commercial banking has proven to be
the core strength of UBL in the Middle East. The bank is focusing
across the spectrum on contracting, real estate, trading, downstream
oil and gas industry and participating in financing of infrastructure
projects of national importance.
The Bank has redefined product parameters and recently launched
a highly competitive mortgage finance product in UAE. By this
September, the debit card facility will be introduced there
which will be followed by Qatar and Bahrain by the year end.
In order to enhance market reach, the Bank is in the process
of setting up various electronic banking service units across
UAE. Moreover, the Bank is also expanding its ATM network at
airports, shopping malls and other prominent public places in
the Middle East. The branches are being renovated and upgraded
to state of the art show room outlets for maximum customer convenience.
The franchise is underway to open a branch each in Doha and
Aden during 2006.
To expand its overseas franchise the bank recently established
representative office in Almaty, Kazakhstan. With average GDP
growth rate of 9% p.a. for the past 5 years and being the second
largest oil producing country on the Caspian Sea, there exists
immense business opportunities in Kazakhstan including the banking
sector.
The Representative Office of UBL which will act as a Hub for
operating in other CIS countries will focus on capturing increasing
trade flows between Kazakhstan and UBL franchise countries.
New initiatives from the bank include the signing of a Memorandum
of Understanding (MoU) between UBL and China Development Bank
to establish a cooperative partnership to promote bilateral
trade between Middle East/Pakistan and China.
China Development Bank (CDB) is the largest policy bank in China
and in recent years has shown keen interest in enhancing China’s
active role in economic cooperation with the Middle East countries
and Pakistan.
UBL and CDB will work jointly to promote commercial ties between
China and UBL network countries in the following areas of mutual
cooperation:
- Use of combined network of both the banks to develop a
platform to promote commercial ties among the Gulf investors
and the Chinese counterparts
- Correspondent Banking Relationship between UBL and CDB
- Financing the significant trade business between GCC and
China
- Holding of road shows in China, United Arab Emirates and
Qatar to enhance the awareness of investment opportunities
in China among investors of Gulf countries and vice versa
United Bank is also considering setting up its representative
office in Beijing, China for which approval from the State
Bank of Pakistan has already been obtained.
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