Union Bank (Pakistan)
| Company type | Private |
|---|---|
| Industry | Banking and financial services |
| Founded | 1991 |
| Defunct | 2006 |
| Fate | Acquired by Standard Chartered Bank |
| Headquarters | Karachi (originally Lahore) , Pakistan |
Area served | Pakistan |
| Products | Banking services, American Express Cards (from 2001) |
| Parent | Standard Chartered Bank (from 2006) |
Union Bank was a private banking institution in Pakistan, originally based in Lahore before relocating its headquarters to Karachi in 2000. Established in 1991, it became part of Standard Chartered Bank through acquisition in 2006.
Prior to the acquisition, Union Bank was ranked as the eighth largest bank in Pakistan, with a network of 65 branches spread over 22 cities. It managed assets valued at around US$2 billion and catered to approximately 400,000 clients.
History
Union Bank grew its operations in 2000 by taking over the Pakistan division of Bank of America. In July 2001, it obtained the rights to operate American Express Cards independently within Pakistan. The bank further expanded in 2002 by acquiring ten branches from Emirates Bank for $18 million.
In 2006, Standard Chartered Bank purchased an 81% ownership stake in Union Bank for US$413 million. Compliance with regulatory obligations brought the total acquisition cost to roughly US$511 million after acquiring the remaining shares. On 30 December 2006, Standard Chartered integrated Union Bank with its own Pakistani subsidiary, which had 46 branches across 10 cities, resulting in the formation of Standard Chartered Bank (Pakistan), now ranking as the sixth largest bank in Pakistan.
See also
External links
- Defunct banks of Pakistan
- Standard Chartered
- Pakistani companies established in 1991
- Banks established in 1991
- Banks disestablished in 2006
- Mergers and acquisitions of Pakistani companies
- 2006 mergers and acquisitions
- Pakistani companies disestablished in 2006
- Companies formerly listed on the Karachi Stock Exchange