Union Bank

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This article is about the bank in Pakistan. For other similarly named banks, see Union Bank of Hong Kong, Union Bank of California and the Harriman-Bush Union Banking Corporation.

United Bank

Type	Private
Founded
Headquarters	Principal Office Karachi, Pakistan
Industry	Banking Global Markets
Products	Loans, Credit Cards, Savings, Consumer Banking etc.
Revenue	PKR
Website	www.unionbank.com.pk

Union Bank was established in 1991 and has its headquarters located in Karachi, Sindh, Pakistan. It is Pakistan's eighth largest bank and has 65 branches in some 22 cities, about US$2 billion in assets, and about 400,000 customers.

In 2006, Standard Chartered Bank acquired 81% of Union Bank's shares for US$413 million. Under Pakistani law, it will have to delist Union Bank and make an offer for the outstanding shares, which should raise the total purchase price to about US$511. Standard Chartered plans to merge Union Bank with its own subsidiary in Pakistan, which has 46 branches in 10 cities. The merged bank will be Pakistan's sixth largest bank.

1 History
2 Services
3 Branches
4 Board of Directors
5 External link

[edit] History

In 2000, Union Bank acquired Bank of America's operations in Pakistan. Then in July 2001, Union Bank signed an Independent Operator agreement for American Express Cards in Pakistan. As a result, Union Bank now issues, operates and markets American Express cards in Pakistan. The Bank is also in the business of acquiring merchants accepting VISA, MasterCard, American Express and JCB cards. In 2002, Union Bank acquired the operations in Pakistan of Emirates Bank International. This purchase helped Union Bank become one of the larger private banks in the country.