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UBL plans venture in China and Africa

The bank already has an international network of branches in the UAE, Bahrain, Qatar, Yemen, New York and subsidiaries in Switzerland, United Kingdom.

"The bank was privatised three year ago, to a consortium of investors led by Dhabi Group and since then we are in a phase of restructuring and revamping our operations locally and internationally", said Atif R. Bokhari, CEO and President UBL, in an interview with Khaleej Times.

Bokhari said that UBL was physically restricted to expand its eight-branch network in the buoyant market of the UAE and to address the situation it has decided to relocate its branches strategically to enhance its customer reach-out.

"We are relocating our Electra street branch to a strategically important industrial township of Musaffah, which is under going a tremendous change with large industries being set-up there. Our branch would cater to the financial needs of the industrial customers", he said.

He said that the bank also plans to relocate one of its branch in Dubai, to a new location where customer needs are increasing, hoping these two relocations would enhance its exposure to the economy.

About UBL's performance during the six months, CEO and President UBL said that the bank, which was in dire straits before its privatisation, was now marching towards growth and expansion with full vigour and confidence. Its consolidated balance sheet has enlarged by 18 per cent.

The customers' deposits and advances have grown by 17-18 per cent respectively, while the profitability has made a big jump with pre-tax figures climbing-up by 80 per cent.

About, the first half year performance of eight branch UBL's operations in the UAE, Atif R.Bokhari said that financial figures were quite promising with growth in profitability crossing 55 per cent, loans and advances growing by 60 per cent comparing with the figures of same period previous year.

"We are optimistic to repeat outstanding numbers in the remaining part of the year also, riding on successful consumer products which were launched, during the later part of previous year," he said.

Bokhari said that UBL was working aggressively in the global markets to change its image being an ethnic bank. "In this regard, we are quite active in providing corporate finance in the GCC market and in future we will take part in syndicating financing," he said.

Bokhari said that the owners of the bank have reinvested their dividend earning of last year into the bank, which amounted to over five billion rupees ($87 million) instead of repatriating it, which has improved the liquidity and thus strengthening the financial position.