KARACHI, Nov 9: The National Bank of Pakistan (NBP) and United Bank Limited (UBL) have signed an agreement under which these two banks will run the UK operations jointly.

An agreement between the two banks was signed on Friday at NBP’s head office to finalize the merger and named the joint bank as Pakistan International Bank Limited incorporated in UK.

President NBP, S. Ali Raza and UBL, President, Amir Zafar Khan, signed the agreement.

The bank in UK will commence operations with immediate effect, with a capital of 30 million pounds sterling. The share-holding of the newly formed PIB will be 45 per cent by NBP and 55 per cent by UBL.

The business of PIB (UK) Limited, having 7 branches all over the United Kingdom, will mainly focus on trade finance and commercial banking. The bank is geared towards serving the needs of the Pakistan community in UK.

The Chairman of the Board of Directors of PIB (UK) Limited will be Syed Ali Raza who is the President of National Bank of Pakistan. The CEO of the bank is Robert J.Wild, presently General Manager of UBL, UK Operations.—APP