History of UBL
United Bank Limited was established in November 1959. The bank was sponsored by the Saigon Group of Companies, which were the mainstay of the textile industry in Pakistan at that time. Within a short period of time, the bank emerged as the third largest in the country after HBL and NBP. The bank was nationalized in 1974. Later on another bank the commerce bank limited was merged into UBL.
UBL was the third bank to be offered for privatization. Initially, a Saudi based financial institution; Bashrahil Group came up with the highest bid for the bank, and deposited the first tranche for its consideration. However, due to flaws in the transaction, the SBP cancelled the privatization and took over the bank in 1995.The Bank’s total income including interest and non-interest income amounted toRS.4935 million in 1995, its deposits were RS. 109 billion and investments wereRS.25 billion in 1995. UBL incurred a loss of RS.724 million in 1995.
In 1996 the management of the bank was changed and by mid-1997 the financial and administrative discipline was restored. The interference of...