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| Sunday, 24 August 2003 |
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Union Bank (Pakistan) acquires Mashreq Bank operations Union Bank Limited (incorporated in Pakistan) has acquired the local operations of Mashreq Bank in Sri Lanka. Shaukat Tarin, President and Group CEO, Union Bank Pakistan last week said: "Union Bank has selected Sri Lanka as the first venue for commencing its international business. We believe that the historically warm relationship between both countries provide Union Bank a congenial platform to start its offshore operations. The bilateral trade agreement between Pakistan and Sri Lanka has also helped to boost trade and open up business and finance opportunities on both ends." Union Bank, set up in 1991, has established itself as a leading private sector bank in Pakistan. In late 1999, a major Middle Eastern Group acquired the majority shares of Union Bank, transforming it into a foreign bank. In 2000, Union Bank acquired Bank of America's local operations in Pakistan, the merger having a synergistic effect. In mid 2001, Union Bank signed an independent operator agreement with American Express for the cards business. As a result of this agreement, Union Bank enjoys the right to issue, operate and market American Express Cards in Pakistan. In 2002, it acquired the local operation of Emirates Bank International. This led to the formation of one of the largest private sector banks in Pakistan with a network of 42 branches spanning 19 cities. Union Bank today operates in 19 major cities of Pakistan with a network of 42 branches. It has a balance sheet of US$1.2 billion and 1500 employees. |
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