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,Union Bank of India and the Harriman-Bush Union Banking Corporation.

United Bank



Fate	Acquired by Standard Chartered


Founded	1991
Defunct	2006
Location	Principal Office Karachi, Pakistan
Industry	Banking Global Markets
Products	Loans, Credit Cards, Savings, Consumer Banking etc.

Union Bank was established in 1991 and had its headquarters in Karachi, Sindh, Pakistan. Prior to the merger with Standard Chartered Bank (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.

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 History
2 Services
3 Branches
4 Board of Directors

[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.