US Federal Reserve Board terminates enforcement action against United Bank Limited

MG News | May 23, 2019 at 10:55 PM GMT+05:00

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May 23, 2019 (MLN): Federal Reserve Board on Thursday announced the termination of enforcement action against United Bank Limited, Karachi, Pakistan and United Bank Limited, New York Branch, entered on July 02, 2018, with the termination date being May 20, 2019.

On January 29, 2019, UBL had announced that it 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).

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