President of United Bank Limited, Senior management and several officials were called back from Airport today when they were about to board a plane to attend a foreign conference, we have checked.
This very rare situation triggered rumors and word was that Mr. Wajahat Hussain, President UBL, along with some 300 employees were fired on direction of State Bank of Pakistan.
SBP, however, has denied this.
Abid Qamar, State Bank of Pakistan’s spokesperson, while speaking with ProPakistani denied any such rumors and said that central bank has not issued any directions for change in leadership of UBL.
SBP Spokesperson clarified that, as a regulator, it didn’t issue any sort of notice for removal of president or any other senior management.
He, however, said that State Bank had issued a circular yesterday, asking all banks to avoid any un-necessary foreign trips.
He said that SBP’s yesterday’s circular could be a reason for cancellation of foreign visit of UBL officials.
State Bank has taken serious notice of the situation and has asked UBL management to clarify its position.
“We are expecting a statement from UBL soon” SBP Spokesperson said.
UBL’s spokesperson, Ali Habib, while sharing the viewpoint said that Board of Directors (BoD) of UBL showed fullest confidence in the President & CEO, Mr. Wajahat Husain and the Management Team of the Bank.
He said that BoD strongly rejected all rumors being spread on the matter.
This is confirmed.
Yup! Reported since 3PM today. Happened yesterday. But, this is also reported (source still unknown)
More on UBL. Bank’s official response:
The Board of Directors (BoD) of UBL repose fullest confidence in the President & CEO, Mr. Wajahat Husain and the Management Team of the Bank. The BoD strongly rejects all rumours being spread on this matter. The BoD also records its appreciation for achieving record financial results, improving efficiency of the Bank and the awards and recognition received under the leadership of Mr. Wajahat Husain.
This sh*tty bank has become a nightmare for overseas Pakistanis:
1- “Talk to UBL” doesn’t work if you write an email and submit a complaint, error pops up. On twitter they will not respond to your complaint.
2- NRP helpline can’t connect you with remittance helpline (which is toll free within Pakistan) to know in case your remittances are stopped. They forced you to go via HUNDI and HAWALA for remittance transfer.
You can’t dial those numbers from overseas.
3- Even IVR had issues over NRP helpline, they launch without even testing.
4- Website is dead slow outside Pakistan and no action from their side to improve it after complaints.
5- If you are visiting Pakistan and want to open an account in UBL it is not a smoother ride at all. They misguide you, show to wrong means to open an account and if you complain they will tell you something to shock you (true lies).
I also faced issues while recieving remittance, after 15 days my transaction was reversed to the middle bank and I had to change the bank again.
I sent these remittances to my own account in Pakistan, title of account on both ends was exactly the same and they gave no reason why they held it. And after I had to shout a number of times on their overseas helpline one very rude lady called me from Karachi who looked very sleepy or what. Without any information I had to provided I received funds in next few hours.
Probably these guys held funds in millions to invest them somewhere else, this is very common in Pakistan where finance guys invest public money; even I have seen university funds transferred to son’s account to make a good statement for admission abroad; export processing zone’s secretary transferring funds to his “sali” for the same.
I am visiting Pakistan on holidays and needed money so asked my uncle in KSA to transfer me my funds. First transfer, UBL Cash never arrived after 17 days we reversed the transaction from Rajhi Bank.
Second transfer also made from Rajhi bank into my Mezaan bank account, and Rajhi says they they transferred the payment it is with held by UBL.
It is really a cursed bank for NRP to deal with. Never send your remittance by UBL.
Its been a month i am chasing my remittance UBL is complete shit
Kuch gr br h….hbl se mem Sima Kamil b resign kr gyi hn….may be he is joining ubl as a new CEO…
*****”SHE” not “HE”
no grbr so far, her move was expected for quite some time, let the siuation unfolds itself and avoid spreading rumors,
hmmmmm.. your prediction is now a reality :-) .. you were only wrong in ascertaining the gender :P
UBL is my primary bank for deposit and such moves don’t help maintain confidence in the bank. If this continues I will surely pull my money from this bank as will many others.
oh if you pull out the money ubl will go bankrupt please dont do that please
Do you even know how much he is having in his account?
Matlab kar di na pure desi baat…bhai logon ky pas apki soch sy zaida paisa ha…har koi apki soch ki tarha bankrupt nahe ha :p
LOL
yaar mujhy ek baat samajh nahi aai k tumhara Mr Wajaha se esa kia zaati rishta hy k unky na hony ki waja se ya kisi k resign ya termination per tum apna account close kar dogy???
Baat kuch hazam nahi hui : “such moves don’t help maintain confidence in the bank”…