Union Bank (Pakistan)

Union Bank

Former type	Private
Industry	Banking Global Markets
Fate	Acquired by Standard Chartered
Founded	1991
Defunct	2006
Headquarters	Principal Office Karachi, Pakistan
Products	Loans, Credit Cards, Savings, Consumer Banking etc.
Revenue	PKR

Union Bank was established in 1991, with its registered office in Faisalabad and headquarters in Lahore, Pakistan. In 2000 the bank relocated its headquarters to Karachi.

Prior to the merger with Standard Chartered Bank in 2006 (see below), it was Pakistan's eighth largest bank and had 65 branches in some 22 cities, about US$2 billion in assets, and about 400,000 customers.

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. 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.

In 2006, Standard Chartered Bank acquired 81% of Union Bank's shares for US$413 million. Under Pakistani law, it had to delist Union Bank and make an offer for the outstanding shares; the offer raised the total purchase price to about US$511. On 30 December 2006, Standard Chartered merged Union Bank with its own subsidiary in Pakistan, which has 46 branches in 10 cities. The merged bank is named Standard Chartered Bank (Pakistan) and is now Pakistan's sixth largest bank.^[1][2][3]

Branches

The bank had branches in Faisalabad, Multan, Gujrat, Peshawar, Gujranwala, Quetta, Hyderabad, Rahim Yar Khan, Islamabad, Raiwind, Jhelum, Rawalpindi, Karachi, Sahiwal, Lahore, Sargodha, Mardan, Sialkot, Mirpur, Swat, and Vehari.

^[4][5][6]

See also

• Standard Chartered Pakistan

References

External links

• Standard Chartered Pakistan

Standard Chartered
Divisions and subsidiaries	Current Standard Chartered Bangladesh Standard Chartered Ghana Standard Chartered Hong Kong Standard Chartered Kenya Standard Chartered Korea Standard Chartered Nepal Standard Chartered Pakistan Standard Chartered Sri Lanka Standard Chartered Tanzania Standard Chartered Thailand Standard Chartered Uganda Standard Chartered Zambia Standard Chartered Zimbabwe Former Allahabad Bank1 Standard Bank2 Standard Chartered Bank of Canada3 Chartered Trust3
Predecessors	American Express Bank Bank of British West Africa Chartered Bank of India, Australia and China Colesberg Bank Grindlays Bank Hsinchu International Bank P&O Bank Eastern Bank Standard Bank Union Bank
Places	6 Battery Road Standard Chartered Bank Building
People	Mervyn Davies Peter Sands James Wilson Bill Winters
Sponsorships	The Greatest Race on Earth Hong Kong Marathon Jersey Marathon Kuala Lumpur Marathon Mumbai Marathon Nairobi Marathon Singapore Marathon Singapore Sevens
Other	Seeing is Believing
1Nationalized  2Spun off  3Sold Category Commons

Banking in Pakistan
Central bank	State Bank of Pakistan
Big Four	HBL Pakistan MCB Bank Limited National Bank of Pakistan United Bank Limited Pakistan
Commercial banking	Allied Bank Limited Askari Bank Atlas Bank Bank AL Habib Bank Alfalah Bank of Khyber Bank of Punjab Faysal Bank First Women Bank Habib Metropolitan Bank Industrial Development Bank JS Bank NIB Bank Sindh Bank Soneri Bank Summit Bank Zarai Taraqiati Bank Limited
Microfinance banking	FINCA Microfinance Bank Limited First MicroFinance Bank-Pakistan Khushhali Bank NRSP Microfinance Bank Tameer Microfinance Bank Limited
Islamic banking	BankIslami Pakistan Burj Bank Dubai Islamic Bank Pakistan Limited Meezan Bank
Foreign banks	Barclays HSBC Bank Middle East Royal Bank of Scotland Standard Chartered Pakistan
Defunct banks	Bank of Credit and Commerce International KASB Bank MyBank PICIC Commercial Bank Union Bank
See also	List of banks in Pakistan Pakistan Remittance Initiative Pakistani bankers Institute of Bankers Pakistan National Institute of Banking and Finance
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