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UBL to start evening services from July 1

Pakistan’s United Bank Limited, or UBL, on Tuesday announced that it will be starting its evening banking service beginning next week to further facilitate its customers in the UAE.

The bank is also planning to launch a new product for small and medium enterprises after Eid Al Fitr. Small businesses account for more than 95 per cent of the total companies in the UAE.

In addition to day time services, the bank shall be open for business between 4pm and 7pm all days of the week starting July 1.

“Banks, we believe, play a central role in the economic growth of a country, and this initiative is a continuation of the bank’s vision of surpassing customer expectations and setting new industry standards,” Wajahat Husain, head of UBL’s international operations, told reporters at a news conference in Dubai.

Initially, the evening banking service will be available in Abu Dhabi, Dubai, and Sharjah, Husain said, adding: “In compliance with the UAE central bank’s regulations for the maximum number of branches of foreign banks, we now have a total of eight branches.”

The bank supports trade finance activities, project finance and manufacturing in the UAE, he said. “While corporate banking is our mainstay in the UAE, where we deal with the leading business houses, we have a full suite of products in retail banking as well. The wholesale banking ambit now includes a strong focus on financial institutions business, investment banking and treasury services.”

With the Dubai real estate market stabilising, exhibiting signs of growth and strength in selected segments and locations, UBL UAE has re-launched its home financing product called Baitna. The facility, for both resident and non-resident customers, is for the purchase of residential properties in selective projects in Dubai.

The bank is planning its first foray into the African market by opening operations in Tanzania by the end of 2012. “We want to be active player in an emerging market, and Tanzania is an example,” he said.

UBL is one of the largest banks in Pakistan and is also a very active player in remitting money to the country. Its overseas operations include the US, the UK, Switzerland, Yemen, Bahrain, Qatar, Oman, China and the UAE.

“UBL contributes around 22 per cent of the total remittances to Pakistan,” Husain said.

abdulbasit@khaleejtimes.com