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July 20, 2019
Business Latest Pakistan

UBL closes its New York branch after voluntary liquidation

LAHORE: United Bank Limited (UBL) announced its New York branch has surrendered its banking license to the New York State Department of Financial Services (NYDFS) on 28th January 2019.

In a notification sent to the Pakistan Stock Exchange (PSX), UBL said it had surrendered its New York branch license to the NYDFS in accordance with the appropriate rules and regulations.

It added the branch had been closed as of 28th January 2019. UBL thanked the State Bank of Pakistan (SBP), the NYDFS and the Federal Reserve Bank of New York (FRBNY) during the voluntary liquidation process when the branch was in business.

A note sent by Arif Habib Limited (AHL) Research said “Discussion with the management revealed that the NY branch has been closed.

The probability of any adverse penalty or fine on the bank has reduced substantially.”

In November, UBL had announced it would voluntarily liquidate and surrender its banking license in New York as per the applicable rules and regulations.

UBL had then apprised its intent to New York Department of Financial Services (NYDFS) and it will continue to work closely with its U.S. regulators throughout the voluntary liquidation process to ensure that the New York branch is wound down in an orderly manner, complying with all applicable federal and state laws, rules, and regulations.