UBL President, Senior Management Stopped From Attending a Foreign Conference

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.