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Birth of Ubl

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Submitted By MARIACHEEMA
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BIRTH OF UBL:
On November 9, 1959, UBL was notified and included as a privateschedule bank with authorized capital of Rs. 20 million; issued and paid up capitalof Rs. 10 million divided into 1 million shares of Rs. 10/ each. Currently BODand president/ CEO Mr. Amar Zafar Khan being a member of this newly formedset up manage UBL. Chairman His Highness Shaikh Nahayan Mabarak Al Nahayan and Deputy Chairman Sir Mohammed Anwar Pervez are the twosupreme controllers of the bank’s affairs. Another development is the appointmentof director operation, Nauman Hussain by the newly privatized bank. Senior management of the bank is shown in the chart given at the end of chapter.
2.5NUMBER OF BRANCHS:
UBL has a large network of branches, which extends to the remotest areasof the country. In December 1983, there were 1623 branches whereas in 1974 ithad only 1238 branches and in October 2003 these figures show total number of 1007 branches
3
. UBL has been very active in increasing its overseas branches network. Thefirst foreign branches were established in London in 1963. Now UBL has branches in Bahrain, Qatar, Saudi Arabia, United Arab Emirates, Yemen ArabRepublic, UK Switzerland, Egypt, Oman and The United States. These branchesare playing a significant role in channeling home remittances and foreign trade of Pakistan.
2.6SUBSIDIARIES:
UBL has four subsidiaries, namely:

United National Bank Limited (UNB), UK

United Bank AG (Zurich), Switzerland
3
UBL (2003) Annual Report
18


United Executers and trustees Company Limited

United Bank Financial Services (Private) Limited
2.7FUNCTIONS OF UBL:
UBL is a commercial bank, which transacts the business of banking inaccordance with the provisions of BCO, 1962. Section 7 of the Act authorizes banks to engage in the prescribed form of business. In the light of this sectionUBL’s functions can be categorized

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