United Bank Limited

Pakistani commercial bank

United Bank Limited

United Bank Limited headquarters in Karachi

Company type| Public

Traded as

| PSX: UBL
KSE 100 component
KSE 30 component
Industry| Finance
Founded| 7 November 1958; 66 years ago (1958-11-07)
Founder| Agha Hasan Abedi
Headquarters| Karachi-74000, Pakistan

Key people

| Muhammad Jawaid Iqbal CEO
Products|

* Consumer Banking
* Commercial banking
* Islamic Banking
* Priority banking
* corporate banking
* private banking
* asset management

Revenue|  Rs. 172.933 billion (US$600 million) (2023)

Operating income

|  Rs. 99.451 billion (US$340 million) (2023)

Net income

|  Rs. 55.145 billion (US$190 million) (2023)
Total assets|  Rs. 5.904 trillion (US$20 billion) (2023)
Total equity|  Rs. 285.872 billion (US$990 million) (2023)
Owner| Bestway Group (62.13%)

Number of employees

| 14,973 (2023)
Parent| Bestway Group
Subsidiaries| UBL Currency Exchange
UBL Fund Managers Limited (98.87%)
Al Ameen Financial Services (98.87%)
UBL Insurers Limited (30%)
Khushhali Microfinance Bank (27.82%)
Website| ubldigital.com
Footnotes / references
Financials as of 31 December 2023[update] [1]

United Bank Limited (often abbreviated as UBL) is a Pakistani bank headquartered at I.I. Chundrigar Road in Karachi.[2] It is a subsidiary of British multinational conglomerate, Bestway Group. Founded by Agha Hasan Abedi in 1959, UBL saw its first branch open on I.I. Chundrigar Road in November of the same year. By 1960, the bank had additional branches in Lahore and Faisalabad (then Lyallpur), as well as Dhaka, Chittagong, and Narayanganj in what was then East Pakistan.[3] The bank was nationalized by the Government of Pakistan in 1974 through the Banks Nationalization Act.[3][4] The government sold its majority stake in 2002 to Abu Dhabi Group and Bestway Group who retain control to date as of 2025.[5]

UBL is Pakistan's largest bank by market capitalization, third-largest by total assets, and fourth-largest by tier 1 capital.[6][7][8]

It is listed on the Pakistan Stock Exchange and has been designated as a domestic systemically important bank (D-SIB) by the State Bank of Pakistan.[9]

## History

[edit]

Agha Hasan Abedi founded the bank in November 1958, and it became the second-largest bank in Pakistan.[3] In 1974, the government nationalized the bank.[3][4]

In 2002, the Government of Pakistan sold 51% of its shares of the bank to a consortium of Abu Dhabi Group and Bestway.[10] In the same year, the bank merged its operations in the United Kingdom with those belonging to National Bank of Pakistan to form United National Bank Limited (later renamed UBL UK). United Bank owned 55% of the joint-venture with National Bank of Pakistan owning the remainder.

In 2005, UBL was listed on the Karachi Stock Exchange, following an initial public offering at a strike price of PKR 50.[11]

In June 2007 the Global Depository Receipts of UBL were listed on the London Stock Exchange. The offering targeted institutional investors and raised exceeding USD 650 million.[12] UBL is the only Pakistani bank and one of the only two Pakistani companies that are listed on the London Stock Exchange.[13]

In April 2010, UBL launched UBL Omni,[14] an in-house developed project designed to provide banking facilities to the unbanked population of Pakistan. As of June 2014 UBL Omni had a customer base exceeding 6.8 million, with over 1.5 million active cards in issue and 5 million monthly transactions valued at over US$253 million.[15] Through the success of UBL Omni 1.55 million previously unbanked individuals have opened mobile bank accounts with UBL in Pakistan.[15] Today, Omni Dukaan network has grown to 42,100 agents in Pakistan.[16]

In January 2011, Bestway Group increased its shareholding in UBL[17] to 51.07% by acquiring an additional 20% of the shares from the Abu Dhabi Group.[18] This was a total investment of US$230.0 million in Pakistan's second-largest private commercial bank.[19][20]

The Bank added 200 branches in 2011 and 2012, thus increasing its domestic network to over 1,300 online branches[21] with 800 ATMs.

In June 2012, UBL led a consortium which acquired a 67.4% stake in Khushhali Bank, which is the largest micro-finance institution in Pakistan.[22]

In December 2013, the Bestway Group increased its shareholding in UBL to 61.37% by acquiring an additional 10.3% of the shares from the Abu Dhabi Group.[23] Through an investment of over $120 million, the Bestway Group acquired the entire shareholding of its former joint venture partner, the Abu Dhabi Group.[24]

In June 2014, the Government of Pakistan sold its remaining 19.8% stake in UBL for US$387 million ($310m of which was in foreign exchange). This was Pakistan's first transaction in the global equity market in almost eight years.[25][26]

In 2017, the Securities and Exchange Commission of Pakistan (SECP) filed a criminal case against Khalid Iqbal, head of capital markets at United Bank Limited, and three of his accomplices for front running.[27][28] The case involved two unusual purchases of Gharibwal Cement Limited shares by UBL, authorized by Iqbal.[29] Investigations revealed that Iqbal's accomplices bought shares at lower prices and sold them to UBL at higher prices.[29] The court convicted all four individuals, concluding that they made illegal profits and caused financial losses to UBL.[29]

In November 2018, UBL announced that it was voluntarily shutting down its New York City branch due to it being commercially nonviable to operate.[30]

UBL announced on 12 June 2021 that it was winding up its wholly owned Switzerland subsidiary, UBL (Switzerland) AG, which it had owned since 1967.[31] The process completed on 2 June 2023.[32]

UBL announced on 12 September 2023 that its largest shareholder, Bestway Group, had submitted an "Indicative Offer" to acquire UBL's 55% shareholding in its United Kingdom joint venture with the National Bank of Pakistan, United National Bank Limited "UNBL UK". This was approved by the Board of Directors of UBL but is conditional on the approval of the State Bank of Pakistan.[33][34]

In March 2024, Silkbank announced its merger with United Bank Limited after both banks reached an agreement. On March 10, 2025, the State Bank of Pakistan (SBP) officially sanctioned the amalgamation of Silkbank with UBL under Section 48 of the Banking Companies Ordinance 1962. The merger became effective on March 11, 2025, fully integrating Silkbank's operations into UBL.[35] As part of the agreement, UBL issued new shares to Silkbank shareholders at a swap ratio of 1 UBL share (face value PKR 10 each) for every 325 Silkbank shares (face value PKR 10 each).[36]

## Operations

[edit]

As of 2024, UBL generated ~67% of its net income through its loans and advances, investments, and lending to financial institutions.[37]

### Commercial Banking

[edit]

#### National Operations

[edit]

As of 2024, UBL's commercial banking division maintained extensive presence through Pakistan with over 1,360 branches and 1,440 ATMs over the country.[38][39] The commercial banking division is the largest within the company, offering a range of financial services to individual consumers and small businesses. These services include banking and investment solutions, merchant services, and various lending products such as business loans and debit cards as well as car and home financing through the UBL DRIVE and UBL ADDRESS facilities.[40] In the same year, the bank held ~PKR 2.5 billion in customer deposits and gave out ~PKR 1.4 billion in advances.[37]

#### International Operations

[edit]

The bank also maintains a direct presence in the United Arab Emirates, Bahrain, and Qatar, with 9 branches spread across major cities.[38]

In the United Kingdom, UBL functioned through its subsidiary, UBL UK, which is regulated by the Prudential Regulation Authority and the Financial Conduct Authority. In July 2024, UBL sold its entire stake in the subsidiary to Bestway Group for USD 32.6 million.[41]

Historically, UBL has had operations in various other countries, including the United States, Switzerland, and Oman. However, over time, the bank has streamlined its international operations, focusing on markets with significant Pakistani expatriate populations and strategic business opportunities.[42][43]

### Corporate and Investment Banking

[edit]

#### Corporate Banking

[edit]

UBL's corporate banking division, headquartered in Karachi with offices in Lahore, Islamabad, Faisalabad and Multan, provides firms working capital solutions, trade financing and medium to long term loans. The bank's integrated approach ensures that the corporate banking division has cross-departmental expertise from their transaction, investment, treasury, and Islamic banking teams.[44]

In May 2023, UBL advanced its digital banking capabilities by implementing the Temenos Corporate Loan Origination solution, aiming to streamline the corporate lending process, encompassing loan initiation, credit approval management, risk assessment, and collateral management.[45]

#### Investment Banking Group

[edit]

Founded in 2002, UBL's Investment Banking Group maintains presence in 11 countries including the Middle East, UK, and Switzerland.[46] The division is actively involved in project and structured finance, offering advisory and arrangement services for Public-Private Partnerships (PPPs), mergers and acquisitions, and equity transactions. The bank assists clients with risk assessment, regulatory compliance, financial modeling, and capital structuring.[47]

### Asset Management and Wealth Management

[edit]

United Bank Limited operates its asset management services through its wholly owned subsidiary, UBL Fund Managers Limited (UBL FM), established in 2001. UBL FM holds licenses to provide asset management, investment advisory, and pension fund management services. As of November 2024, UBL FM managed assets totaling PKR 314 billion. UBL FM has been rated AM1 by JCR-VIS Credit Rating Agency.[48] UBL FM offers a range of investment products, including conventional and Islamic mutual funds, pension schemes, and customized portfolio management services.[49]

The bank's Signature Priority Banking serves as the wealth management arm of the firm, available only to clients who maintain a minimum quarterly average balance of PKR 3 million. The division provides investment advisory services that include customized portfolio management.[50]

## FinCEN

[edit]

United Bank was named in the FinCEN Files, published by BuzzFeed News and the International Consortium of Investigative Journalists (ICIJ). It had eight suspicious transactions from 2011 to 2012 flagged, totaling to USD 399,620.[51]

## Subsidiaries

[edit]

* UBL Fund Managers Limited
* UBL Insurers Limited
* UBL OMNI

## See also

[edit]

* Banks portal

* United Bank Limited cricket team

## References

[edit]

1. ^ "UBL Annual Report 2023" (PDF). UBLDigital. Retrieved 26 March 2024.
2. ^ "How UBL came to dominate investment banking in Pakistan". The Express Tribune. February 6, 2012.
3. ^ a b c d "UBL History". www.ubldigital.com. Retrieved 2025-05-08.
4. ^ a b "Banks (Nationalization) Act, 1974. Preface" (PDF). State Bank of Pakistan. 7 March 1974.`{{cite web}}`: CS1 maint: year (link)
5. ^ "Pakistan to raise $387 m by selling UBL". The Express Tribune.
6. ^ "Pakistan Banking Sector Results 2023" (PDF). KPMG.`{{cite web}}`: CS1 maint: url-status (link)
7. ^ "Largest Pakistani (KSE) Banks Stocks by Market Cap". Simply Wall St. Retrieved 2025-02-11.
8. ^ "The top five banks in Pakistan". www.thebanker.com. Retrieved 2025-02-27.
9. ^ Reporter, The Newspaper's Staff (2020-09-04). "HBL, NBP, UBL declared important banks". DAWN.COM. Retrieved 2020-09-07.
10. ^ "january_26_2011". ubldigital.com. Retrieved 2025-05-08.
11. ^ Hussain, Dilawar (May 22, 2005). "UBL share offer: too much hassle for too small gain". DAWN.COM.
12. ^ "UBL's GDR gets $650 million". Daily Times. 4 March 2016. Archived from the original on 4 March 2016. Retrieved 30 December 2015.
13. ^ "MCB Bank delists from London Stock Exchange". The Express Tribune. 2 June 2017.
14. ^ "UBL Omni identified as "sprinter" in global survey". Pakistantoday.com.pk. 27 March 2013. Retrieved 2015-12-15.
15. ^ a b "Bestway Foundation :: Bestway Group". Bestwaygroup.co.uk. Retrieved 2015-12-15.
16. ^ "About Us". Ubldirect.com. United Bank Limited. Retrieved 2019-01-30.
17. ^ "Abu Dhabi sells 20% UBL stake". Emirates 24-7. 28 January 2011.
18. ^ "Bestway Group Invests $230 Million in United Bank Limited". Bloomberg.com. Retrieved 2015-12-15.
19. ^ "Bestway Group Invests $230 Million in United Bank Limited". Pakistan Company News. Retrieved 2015-12-15.
20. ^ Bestway Group (26 January 2011). "Bestway Group Invests $230 Million in United Bank Limited" (Press release). Retrieved 2015-12-15 – via PR Newswire.
21. ^ "UBL Branch Locator". Ubldirect.com. United Bank Limited. Retrieved 2015-12-15.
22. ^ "MicroNOTE 20 - Unlocking Synergies - VERSION 3.ai" (PDF). Retrieved 2019-11-07.
23. ^ "Bestway takes control of Pakistan banking arm UBL". TheGrocer.co.uk.
24. ^ "Bestway Group Invests Over $120 Million In United Bank Limited". ABestwaygroup.co.uk. Retrieved 2015-12-15.
25. ^ "Approval: Deal sealed to sell govt's remaining UBL stake". The Express Tribune. 13 June 2014.
26. ^ "Allied Bank's privatisation". Dawn.
27. ^ "SECP files criminal case against bank employee". www.thenews.com.pk.
28. ^ Staff Report (April 27, 2017). "SECP files criminal case of insider trading against a bank employee". Profit by Pakistan Today.
29. ^ a b c Nizami, Taimoor Hassan, Babar (March 31, 2024). "Pakistan's billion-dollar fund manager resigns quietly as SECP investigates suspicious transactions. Here's what went down". Profit by Pakistan Today.`{{cite web}}`: CS1 maint: multiple names: authors list (link)
30. ^ "UBL to voluntarily shut down its New York branch". The Express Tribune.
31. ^ Report, Profit (2021-06-27). "UBL discards its little known Swiss subsidiary". PT Profit. Retrieved 2023-09-29.
32. ^ "Switzerland". UBL. 2023-06-02. Retrieved 2023-09-29.
33. ^ "Establishment of Exchange Company and Divestment". Investegate. 2023-09-12.
34. ^ Zaidi, Erum (2023-09-13). "UBL to set up exchange company, sell UK subsidiary to Bestway Group". DAWN.COM. Retrieved 2023-09-29.
35. ^ "Silkbank merger with UBL approved". Business Recorder. March 11, 2025. `{{cite web}}`: `|first=` has generic name (help); `|first=` missing `|last=` (help)
36. ^ "UBL absorbs Silk Bank after SBP approval". Business Recorder. March 11, 2025.
37. ^ a b "Annual Report 2024" (PDF). UBL Digital. 8 May 2024.
38. ^ a b "Branches". www.ubldigital.com. Retrieved 2025-05-08.
39. ^ "ATMs & CDMs". ubldigital.com. Retrieved 2025-05-08.
40. ^ "Consumer Loans". www.ubldigital.com. Retrieved 2025-05-08.
41. ^ Desk, BR Web (2024-07-05). "Transaction complete: UBL sells off stake in its UK subsidiary to Bestway Group". Brecorder. Retrieved 2025-05-08. `{{cite web}}`: `|last=` has generic name (help)
42. ^ Ahmed, Ali (2019-01-29). "UBL shuts down its New York branch". Brecorder. Retrieved 2025-05-08.
43. ^ Report, Profit (2021-06-27). "UBL discards its little known Swiss subsidiary". Profit by Pakistan Today. Retrieved 2025-05-08.
44. ^ "Corporate Banking". www.ubldigital.com. Retrieved 2025-05-08.
45. ^ "UBL, One of the Largest Banks in Pakistan, Goes Live on Temenos to Power Digital Corporate Lending". Financial IT. Retrieved 2025-05-08.
46. ^ "Investment Banking". www.ubldigital.com. Retrieved 2025-05-08.
47. ^ "Project and Structured Finance". ubldigital.com. Retrieved 2025-05-08.
48. ^ "UBL Fund Managers Limited Rating Report" (PDF). VIS Credit Rating Company Limited. 9 January 2025.
49. ^ "Mutual Fund Schemes – UBL Fund Managers". Individual. Archived from the original on 2025-01-23. Retrieved 2025-05-08.
50. ^ "Signature Banking". ubldigital.com. Retrieved 2025-05-08.
51. ^ Report, Monitoring (2020-09-21). "Six Pakistani banks named in FinCEN leak". Profit by Pakistan Today. Retrieved 2020-09-23.

* v
* t
* e

United Bank Limited

People|

* Agha Hasan Abedi
* Anwar Pervez
* Zameer Choudrey
* Sima Kamil

Sports|

* United Bank Limited cricket team

Facilities|

* United Bank Limited Sports Complex

Acquisitions|

* Silkbank

* v
* t
* e

Banking in Pakistan

Central bank|

* State Bank of Pakistan

Big Four|

* Habib Bank
* MCB Bank
* National Bank
* United Bank

Commercial banking|

| Public sector|

* Bank of Azad Jammu and Kashmir
* Bank of Khyber
* Bank of Punjab
* First Women Bank
* Industrial Development Bank
* Karakoram Cooperative Bank
* Punjab Provincial Cooperative Bank
* Sindh Bank
* Zarai Taraqiati Bank Limited

|

Private sector|

* Allied Bank
* Askari Bank
* Bank AL Habib
* Bank Alfalah
* HabibMetro
* JS Bank
* Soneri Bank
* Standard Chartered Pakistan

Microfinance|

* HBL Microfinance Bank
* Khushhali Microfinance Bank

Islamic banking|

* BankIslami
* Bank Makramah
* Al Baraka Bank Pakistan
* Dubai Islamic Bank Pakistan
* Faysal Bank
* MCB Bank
* Meezan Bank
* Samba Bank

Digital|

* Easypaisa

House building|

* House Building Finance Company

Savings Bank|

* National Savings Organization

Foreign banks|

* Citibank Pakistan
* Deutsche Bank Pakistan
* ICBC Pakistan
* BOC Pakistan
* Bank of Tokyo Mitsubishi Pakistan

Defunct banks|

* BCCI
* Bank of Bahawalpur
* Burj Bank
* Federal Bank for Cooperatives
* NIB Bank
* PICIC Commercial Bank
* RBS Pakistan
* Silkbank
* Union Bank

See also|

* List of banks in Pakistan
* Pakistani bankers
* Institute of Bankers Pakistan
* KIBOR
* National Institute of Banking and Finance

Category

* v
* t
* e

KSE 100 companies of Pakistan

* Abbott
* Adamjee Insurance
* AGP Limited
* Air Link Communication
* Allied Bank
* Askari Bank
* Atlas Honda
* Attock Petroleum
* Attock Refinery
* Avanceon
* Bank AL Habib
* Bank Alfalah
* Bank of Punjab
* Bannu Woollen Mills
* Bestway Cement
* Cherat Cement
* Cnergyico
* Colgate-Palmolive Pakistan
* DG Cement
* Dolmen City
* EFU General Insurance
* Engro Holdings
* Engro Fertilizers
* Engro Polymer
* Fatima Fertilizer
* Fauji Cement
* Fauji Fertilizer Company
* Faysal Bank
* First Habib Modarba
* FrieslandCampina Engro Pakistan
* Ghani Glass
* GSK
* HBL
* HabibMetro
* HBL Growth Fund
* Highnoon
* Honda Atlas
* Hubco
* Ibrahim Fibre
* JDW Sugar Mills
* Indus Motor
* Interloop Limited
* International Industries Limited
* International Steels Limited
* Javedan
* K-Electric
* Kohat Cement
* Kohinoor Spinning Mills
* Kohinoor Textile
* Kot Addu Power
* Lotte Chemical
* Lucky Cement
* Lucky Core Industries
* Maple Leaf Cement
* Mari Energies
* MCB Bank
* Meezan Bank
* Mehmood Textile Mills
* Millat Tractors
* Mughal Steel
* Murree Brewery
* National Bank
* National Foods
* National Refinery
* Nestlé Pakistan
* Nishat Chunian Power
* Nishat Chunian
* Nishat Power
* OGDC
* Packages Limited
* PEL
* Pak-Gulf Leasing
* Pakgen Power
* Pakistan Aluminium Beverage Cans
* PIBTL
* Pakistan Oilfields
* Pakistan Petroleum
* Pakistan Refinery
* Pakistan Services
* Pakistan State Oil
* Pakistan Stock Exchange
* PTCL
* Pakistan Tobacco Company
* Pioneer Cement
* Punjab Oil Mills
* Rafhan Maize
* Sazgar
* Searle Pakistan
* Servis
* Wafi
* Standard Chartered
* SNGPL
* Systems Limited
* Tariq Glass
* Thal Limited
* TRG Pakistan
* Unilever Pakistan Foods
* UBL
* Unity Foods
* Yousuf Weaving Mills

As of October 2024

* v
* t
* e

KSE-30 companies of Pakistan   → KSE-100

* Attock Refinery
* Bank AL Habib
* Bank Alfalah
* DG Cement
* Engro Holdings
* Engro Fertilizers
* Fauji Fertilizer Company
* Fauji Cement
* Habib Bank Limited
* Hubco
* Lucky Cement
* Maple Leaf Cement
* Mari Energies
* MCB Bank
* Meezan Bank
* Millat Tractors
* National Refinery
* Oil & Gas Development Company
* Pakistan Oilfields Limited
* Pakistan Petroleum
* Pakistan Refinery Limited
* Pakistan State Oil
* Pioneer Cement
* Sazgar
* Searle Pakistan
* SNGPL
* Systems Limited
* United Bank Limited

As of September 2024
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