UBL poised for entry in India
09 August, 2012
KARACHI: Post privatiSation, United Bank Ltd. (UBL) has had a specific focus on the development and diversification of its International franchise.
KARACHI: Post privatiSation, United Bank Ltd. (UBL) has had a specific focus on the development and diversification of its International franchise. In this regard the Bank has been striving to consolidate its Middle East presence, and focus on expansion in SAARC, Far East and East Africa.
In this regard the Bank had proactively requested and was given in-principal approval by State Bank of Pakistan in Sept. 2006 to apply for a license in India, says a press release.
An application was submitted to the Reserve Bank of India in Feb 2007. With the recent CBMs between the two countries and India allowing investments from across the border it appears UBL is poised for entry into the Indian market place, once the Reserve Bank of India's clearance is received.UBL has a strong network of 1200 plus branches domestically and an international footprint covering 11 countries.
Bilateral trade between Pakistan and India (reportedly US $ 2 Billion) is expected to soar in multiples. UBL with its strong domestic base is set to play a major role in the evolution of this trade corridor.UBL has been in the Middle East for the past four and a half decades with presence in UAE, Bahrain, Qatar and Yemen. Trade between UAE and India is in excess of US $ 67 Billion making India, UAE's largest trading partner.
UBL has strong relationships with Indian business houses in the GCC which would help to augment the franchise's Business Plans in India. There is a large Diaspora of entrepreneurs in Tanzania who actively trade with India, a focus area for the upcoming subsidiary of UBL.