UBL to voluntarily shut down its New York branch

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KARACHI
UBL, one of the top five banks in Pakistan, has announced that it is voluntarily closing down its New York branch as it has been commercially unviable to operate in provided circumstances.
The wind-up may impact the inflow of worker remittances into the country.
“As part of its global realignment strategy, UBL intends to voluntarily liquidate and surrender its licence pursuant to the New York banking law… This is a commercial decision keeping in view the commercial viability of the NY branch,” UBL Company Secretary and Chief Legal Counsel Aqeel Ahmed Nasir said in a notification sent to the PSX on Thursday.
UBL’s share price dropped 2.35% or Rs3.31 to Rs137.34 with trading in 1.28 million shares at the PSX.
UBL is the second leading bank in Pakistan that is shutting down an international branch in New York within a span of 15 months.
Habib Bank Limited (HBL) had done the same in August last year.