Union Bank (Pakistan)

Last updated
Union Bank
Type Public
Industry Banking
Founded1991
Defunct2006
FateAcquired by Standard Chartered
Headquarters Karachi, Pakistan
ProductsLoans, Credit Cards, Savings, Consumer Banking etc.
Total assets US$2 Billion (2006)

Union Bank was a Pakistani bank based in Karachi, Pakistan. It was established in 1991 with its headquarters in Lahore, Pakistan. In 2000 the bank relocated its headquarters to Karachi.

Contents

Prior to the merger with Standard Chartered Bank in 2006, 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. [1]

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. [2] [3] [4]

See also

Related Research Articles

<span class="mw-page-title-main">ABN AMRO</span> Dutch bank

ABN AMRO Bank N.V. is the third-largest Dutch bank, with headquarters in Amsterdam. It was initially formed in 1991 by merger of the two prior Dutch banks that form its name, Algemene Bank Nederland (ABN) and Amsterdamsche en Rotterdamsche Bank.

<span class="mw-page-title-main">Standard Chartered</span> British financial services company

Standard Chartered plc is a British multinational bank with operations in consumer, corporate and institutional banking, and treasury services. Despite being headquartered in the United Kingdom, it does not conduct retail banking in the UK, and around 90% of its profits come from Asia, Africa, and the Middle East.

<span class="mw-page-title-main">U.S. Bancorp</span> American bank holding company

U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. It has 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States. It is ranked 117th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues credit card products on behalf of small credit unions and banks across the U.S.

FleetBoston Financial was a Boston, Massachusetts–based bank created in 1999 by the merger of Fleet Financial Group and BankBoston. In 2004 it merged with Bank of America; all of its banks and branches were converted to Bank of America.

<span class="mw-page-title-main">Royal Bank of Canada</span> Financial institution in Canada

Royal Bank of Canada is a Canadian multinational financial services company and the largest bank in Canada by market capitalization. The bank serves over 17 million clients and has more than 89,000 employees worldwide. Founded in 1864 in Halifax, Nova Scotia, it maintains a corporate headquarters in Toronto and its head office in Montreal. RBC's institution number is 003. In November 2017, RBC was added to the Financial Stability Board's list of global systemically important banks.

<span class="mw-page-title-main">BankBoston</span> Bank in Massachusetts, US; bought out

BankBoston was a bank based in Boston, Massachusetts, which was created by the 1996 merger of Bank of Boston and BayBank. One of its predecessor banks started in 1784, but the merged BankBoston was short-lived, being acquired by FleetBoston Financial in 1999. In 2005, FleetBoston was purchased by, and merged into, Bank of America of Charlotte, North Carolina.

<span class="mw-page-title-main">Frost Bank</span> American Bank

Frost Bank is a Texas-chartered bank based in San Antonio with 155 branches and 1,700 automated teller machines, all of which are in Texas. It is the primary subsidiary of Cullen/Frost Bankers, Inc., a bank holding company. It is on the list of largest banks in the United States.

<span class="mw-page-title-main">Truist Financial</span> Banking company in the U.S.

Truist Financial Corporation is an American bank holding company headquartered in Charlotte, North Carolina. The company was formed in December 2019 as the result of the merger of BB&T and SunTrust Banks. Its bank operates 2,781 branches in 15 states and Washington, D.C., and offers consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services. It is on the list of largest banks in the United States by assets; as of June 2021, it is the 10th largest bank with $509 billion in assets. As of January 2021, Truist Insurance Holdings is the seventh largest insurance broker in the world with $2.27 billion in annual revenue.

<span class="mw-page-title-main">Standard Bank</span> Bank in South Africa

Standard Bank Group Limited is a major South African bank and financial services group. It is Africa's biggest lender by assets. The company's corporate headquarters, Standard Bank Centre, is situated in Simmonds Street, Johannesburg.

SouthTrust Corporation was a banking company headquartered in Birmingham, Alabama. In 2004, SouthTrust reached an agreement to merge with Wachovia in a stock-for-stock deal. At the time of the merger with Wachovia was completed, SouthTrust had $53 Billion in assets. SouthTrust was listed on the NASDAQ exchange under the ticker symbol SOTR. The company was headquartered in the SouthTrust Tower, now known as the Shipt Tower. SouthTrust had branches in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia. By the end of 2005, all former SouthTrust branches that remained open carried the Wachovia name.

<span class="mw-page-title-main">Standard Federal Bank</span> Michigan bank

Standard Federal Bank was a Troy, Michigan-based bank serving Michigan and Northern Indiana in the United States which was acquired by Bank of America on 5 May 2008.

<span class="mw-page-title-main">Manufacturers Hanover Corporation</span> Former bank holding company

Manufacturers Hanover Corporation was the bank holding company formed as parent of Manufacturers Hanover Trust Company, a large New York bank formed by a merger in 1961. After 1969, Manufacturers Hanover Trust became a subsidiary of Manufacturers Hanover Corporation. Charles J. Stewart was the company's first president and chairman.

<span class="mw-page-title-main">Regions Financial Corporation</span> Financial services company based in Birmingham, Alabama

Regions Financial Corporation is an American bank holding company headquartered in the Regions Center in Birmingham, Alabama. The company provides retail banking and commercial banking, trust, stockbrokerage, and mortgage services. Its banking subsidiary, Regions Bank, operates 1,952 automated teller machines and 1,454 branches in 16 states in the Southern and Midwestern United States.

Citizens and Southern National Bank (C&S) began as a Georgia institution that expanded into South Carolina, Florida and into other states via mergers. Headquartered in Atlanta, Georgia; it was the largest bank in the Southeast for much of the 20th century. C&S merged with Sovran Bank in 1990 to form C&S/Sovran in hopes of fending off a hostile takeover attempt by NCNB Corporation. Only a year later, however, C&S/Sovran merged with NCNB to form NationsBank, which forms the core of today's Bank of America.

<span class="mw-page-title-main">Habib Bank Limited</span> Pakistani multinational banking company

Habib Bank Limited abbreviated as HBL, is a Pakistani multinational bank based at Habib Bank Plaza, Karachi, Pakistan.

<span class="mw-page-title-main">MUFG Union Bank</span> American full-service banking group

Union Bank was an American nationally licensed full service bank with 398 branches in California, Washington and Oregon that was wholly owned by MUFG Americas Holdings and was acquired by U.S. Bancorp. Headquartered in New York City, it had commercial branches in Dallas, Houston, New York and Chicago, in addition to two international offices.

<span class="mw-page-title-main">Standard Chartered Pakistan</span>

Standard Chartered Pakistan is a Pakistani banking and financial services company in Pakistan and is a wholly-owned subsidiary of British multinational bank Standard Chartered.

<span class="mw-page-title-main">Wachovia</span> Defunct banking company

Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, based on total assets. Wachovia provided a broad range of banking, asset management, wealth management, and corporate and investment banking products and services. At its height, it was one of the largest providers of financial services in the United States, operating financial centers in 21 states and Washington, D.C., with locations from Connecticut to Florida and west to California. Wachovia provided global services through more than 40 offices around the world.

CBZ Bank Limited, also CBZ Bank, is a commercial bank in Zimbabwe. It is one of the financial services institutions licensed by the Reserve Bank of Zimbabwe, the central bank and national banking regulator.

<span class="mw-page-title-main">NCBA Group Plc</span> Kenyan financial services conglomerate

NCBA Group Plc, is a financial services conglomerate in East and West Africa. The Group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Tanzania, Rwanda, Uganda and Ivory Coast.

References

  1. "Two major banks are in merger talks". 16 May 2006.
  2. "Standard Chartered Acquisition of 95.37% Interest in Union Bank Ltd" Standard Chartered, 6 September 2006
  3. "Standard Chartered acquires Union Bank" The Dawn, 5 September 2006
  4. "Standard Chartered Bank (Pakistan) Limited | EMIS " securities.com