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UBL aims to be the preferred bank catering to the diverse financial needs of its customers. The Bank's vision envisages re-profiling its existing branch network as state of the art show rooms, opening of new branches in the Middle East, expanding overseas locations in emerging markets, enhancing customer reach through alternate delivery channels, offering quality & efficient service based on highly robust IT platform and refining/launching competitive products.
Corporate/Commercial banking is the core strength of UBL in the Middle East and successful forays have been made in government, public and private sectors in the network countries. The bank is focusing across the spectrum on contracting, real estate, trading, downstream oil and gas industry and participating in financing of infrastructure projects of national importance.
UBL is committed to provide a full range of retail financial services/products to its customers in the Middle East. The Bank has redefined product parameters and recently launched a highly competitive mortgage finance product in UAE. UBL will introduce its debit card in UAE by Sep-06 to be followed by Qatar and Bahrain by year end 2006.
UBL currently has 8 branches in UAE, 3 each in Abu Dhabi & Dubai and a branch each in Al-Ain and Sharjah. In order to enhance market reach, the Bank is in the process of setting up various electronic banking service units across UAE. These units are also envisaged for Qatar and Bahrain. At the same time, Bank is also expanding its ATM network at airports, shopping malls and other prominent public places in the Middle East. The branches are being renovated and upgraded to state of the art show room outlets for maximum customer convenience. The franchise is underway to open a branch each in Doha and Aden during 2006.
The Bank envisages setting up representative offices and branches in emerging markets to expand its overseas franchise in order to create synergies with its Middle East hub.
Kazakhstan
United Bank Limited has recently established a Representative Office in Almaty, Kazakhstan.
Among the CIS countries, Kazakhstan has a stable political environment with a booming economy that is completing the transition to a free market. With average GDP growth rate of 9% p.a. for the past 5 years and being the second largest oil producing country on the Caspian Sea, there exists immense business opportunities in Kazakhstan including the banking sector.
The Representative Office will focus on capturing increasing trade flows between Kazakhstan and the UBL franchise countries. The Bank will make forays in the up stream & down stream oil industry as well as mineral exploration sector and will facilitate the investment flows between Kazakhstan and UBL franchise countries. The Rep. Office will also act as a hub for operating in other CIS countries.
China
UBL and China Development Bank enter in a Memorandum of Understanding (MoU) establishing cooperative partnership to promote bilateral trade between Middle East/Pakistan and China.
China Development Bank (CDB) is a wholly state owned development financial institution and is by far the largest policy bank in China and has been acting actively in promoting social and economic development in China. In recent years CDB has shown keen interest in enhancing China's active role in economic cooperation with the Middle East countries and Pakistan.
UBL is considering setting up its representative office in Beijing, China for which approval from the State Bank of Pakistan has already been obtained. China is positive towards developing its banking relationship with the Middle East and Pakistan. UBL, the third largest bank in Pakistan, also has extensive branch network in the Middle East countries. This is an opportune time for the Bank to capitalize this situation deepening mutual partnership, particularly in the trade sector to capture the regional trade flows. The trade value between China and GCC countries exceeded US$ 32 billion in 2005 out of which UAE's share was around US$ 10 billion.
UBL and CDB will work jointly to promote commercial ties between China and UBL network countries in the following areas of mutual cooperation:
• Use of combined network of both the banks to develop a platform to promote commercial ties among the Gulf investors and the Chinese counterparts
• Correspondent Banking Relationship between UBL and CDB
• Financing the significant trade business between GCC and China
• Holding of road shows in China, United Arab Emirates and Qatar to enhance the awareness of investment opportunities in China among investors of Gulf countries and vice versa
Posted by Anne-Birte Stensgaard, Senior News Editor
