KARACHI: The United Bank Ltd (UBL) on Thursday announced that it plans to close down its New York branch mainly due to compliance issues along with the commercial viability of the branch.

“This is a commercial decision keeping in view the commercial viability of NY Branch and is subject to all regulatory approvals,” the bank said in a letter to the Pakistan Stock Exchange (PSX) on Thursday.

“As part of its global realignment strategy, UBL intends to voluntarily liquidate and surrender its license pursuant to New York Banking Law,” according to the letter.

“UBL will continue to work closely with its US regulators throughout the voluntary liquidation process to ensure that the New York branch is wound down in an orderly manner, complying with all applicable Federal and State Laws, Rules, and Regulations,” said the UBL letter to the PSX.

Published in Dawn, November 23rd, 2018