United Bank Ltd (UBL) is poised for entry into India in anticipation of better trade ties with the country in near future. Since post-privatisation, the bank has been striving to consolidate its Middle East presence, and focus on expansion in South Asia, Far East and East Africa. UBL requested and was given in-principal approval by the State Bank of Pakistan in 2006 to apply for a license in India. An application was submitted to the Reserve Bank of India in February 2007. With the recent confidence building measures between the two countries and India allowing investments from across the border it appears UBL is determined to enter the Indian market, once the Reserve Bank of India’s issues clearance. Bilateral trade between Pakistan and India (reportedly $2 billion) is expected to soar in multiples and UBL with its strong domestic and international base is set to play a major role in the evolution of this trade corridor.
Published in The Express Tribune, August 9th, 2012.
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