UBL surrenders its New York Branch License to NYSD: PSX

MG News | January 29, 2019 at 11:09 AM GMT+05:00

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January 29, 2019 (MLN): United Bank Limited (UBL) in a notification to PSX has announced that it has surrendered its New York branch license to the New York State Department of Financial Services (NYDFS) on January 28, 2019.

The announcement follows the banks earlier disclosure regarding the voluntary liquidation by United Bank Limited (UBL) of its New York branch (NY Branch).

UBL’s NY Branch is thus closed as of 28 January 2019.

Moreover, in the notification the Bank deeply appreciated the assistance provided by the State Bank of Pakistan, the NYDFS, and the Federal Reserve Bank of New York during the voluntary liquidation process and during the time that the NY Branch was in business.

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