United Bank Limited has closed off its branch in New York on January 28, according to the official notification issued to Pakistan Stock Exchange (PSX).
UBL’s management took a major step to surrender its operating license of banking and financial services through the US branch. This move is a part of the liquidation of the NY Branch as the bank has decided to shut down its branch operations as prescribed in the procedure by NYDFS.
“UBL has surrendered the NY Branch’s license to the New York State Department of Financial Service (NYDFS) on 28 January 2019, in accordance with section 605.11 c of the New York Banking Law,” the notification said.
UBL is the second bank after HBL to have closed off its branch operations in New York following the failure in complying to the rules and regulations of New York’s financial regulator. The closure of branches from Pakistani banks not only caused a drop in foreign exchange to the country but it may also cause inconvenience to Pakistanis living in New York and adjoining states.
UBL may continue its remittance transfer services in New York, in collaboration with Pakistani and foreign banks, to facilitate Pakistanis living in the United States of America.