KARACHI, Nov 20: Pakistan International Bank (UK) Ltd., the UK based joint venture of United Bank Ltd and National Bank of Pakistan, has renamed itself as United National Bank Ltd.

A press release issued by NBP says that the restyled bank has received all required authorizations and approvals including that of the FSA and will be known by its new name with immediate effect.

The ownership structure of United National Bank Ltd. remains as before, being owned 55 per cent by United Bank Ltd. and 45 per cent by National Bank of Pakistan. The joint venture was launched in November 2001 with an initial capital of 30 million pounds.

“The only change in the shareholding structure is that UBL has recently been privatized in Pakistan is now owned 49 per cent by the government of Pakistan and 51 per cent by a joint investment vehicle comprising The Consortium of Abu Dhabi Group and The Consortium of Bestway Group.”

United National Bank will continue to concentrate its operations on consumer and commercial banking with an emphasis on trade finance and transactions and cross-border structured transactions.

“The decision to change our name to United National Bank Ltd. has been prompted by the desire to better reflect the Bank’s parentage,” the release quotes Robert Wild, the chief executive of the bank as saying.