24 August 2012

 

United Bank Limited Gains Approval to Open in India

Bestway Group has, through its majority ownership of the United Bank Limited of Pakistan, (UBL) been granted permission to begin banking operations in India.

This is seen as an important step forward to bolster trade between Pakistan and India and was announced by the Governor of the State Bank of Pakistan (SBP) Yaseen Anwar. The arrangement will be areciprocal one between both countries.
 
Zameer Choudrey, Bestway’s group chief executive said, “We are delighted that the State Bank has approved UBL’s request to begin branch operations in India. We view this as a tremendous opportunity to enhance and deepen the existing ties between the two countries and believe that UBL’s entry into the Indian market will serve as a major catalyst for this. We are grateful to the Government and regulator for this timely decision.
  “Bestway has a long history of commercial association with India. Elsewhere in the Group, in our food wholesale company, we are one the largest importers of Indian rice and spices to the UK and Europe and in our cement production company, we are the leading exporter of high quality Pakistani cement.”
 
Whilst, the Indian market would represent a challenging proposition, Mr. Choudrey, “remains cautiously optimistic”, and believes that the Bank would be able to replicate the success of the Bestway Group’s foods and cement business and lead the way in furthering the bonds of trade and investment between the two neighbours.
 
Following the Governor’s announcement, UBL finds itself in the envious position of being the only private sector bank from Pakistan to be granted a licence to commence operations in India. In will open its first branch in Mumbai and will become the largest private bank from the *SAARC region to operate in the world’s third largest economy based on purchasing power parity.
 
In the UK, the Bestway Group has played a pioneering role in the socio-economic uplift of the local community in general and theethnic minorities in particular. Through its ownership of UBL, the Group believes it can help the community still further and grow the South Asian community to the next level.
 
Earlier this month, the Rt. Hon. Alistair Burt, Foreign and Commonwealth Office Minister officially revealed the relaunch of UBL’s UK operation. Wajid Shamsul Hasan, Pakistan’s High Commissioner in London, directors of UBL and Bestway Group, together with diplomats and parliamentarians and prominent business leaders, all attended the official presentation.
 
Mr Choudrey added, “With the relaunch here in the UK, with new services and a new professionalism about it, we feel UBL’s transformation has been nothing short of inspirational. In less than a decade, UBL has achieved numerous milestones in all aspects of its business and continues to take strides in achieving its vision of becoming a world-class financial services provider. Today, UBL is an industry leader, offering a diverse portfolio of globally competitive products and services through imaginative delivery channels.”
 
The bank’s stellar performance has been reflected in its recently announced half yearly results with UBL’s profitability increasing by 39% to Rs. 9.32 billion. The Karachi listed bank has its GDRstraded on the London Stock Exchange and is also part of the Morgan Stanley Capital International Global Indices.
 
In the last few years, UBL has opened offices in Beijing and Kazakhstan; upgraded its Middle Eastern network and is all set to launch operations in East Africa with Tanzania being the first office.
 
In February 2012, UBL won the ‘Best Use of Mobile in Emergency or Humanitarian Situations’ at the Global Mobile Awards 2012 for UBL Omni – a pioneering branchless banking solution that was launched in April 2010 and which was instrumental in providing timely distribution of monies to the flood ravaged people.
 
In June 2012, AsiaMoney Magazine declared UBL ‘The Best Domestic Bank in Pakistan’.