UBL Closes Operation

UBL Closes Operation

Bradford Pakistanis suffer by Hundi

 

By Our Special Correspondent ( Abdul Majid Ajmi)

London:         As Pakistan badly needs foreign exchange, and Prime Minister Imran Khan urges overseas Pakistanis to mobilise banking channels for remittances, a strong Pakistani bank, UBL has abandoned its operations in Bradford.  Very well known as Mini-Pakistan, Pakistani residing in Bradford have been in benefits in terms of remitting their funds to Pakistan through the UBL, however the management of United Bank Limited Pakistan has abandoned its Bradford operations. No reasons have been divulged to Pakistani living there in city of Bradford and even the central bank, SBP has not taken cognizance of this ugly scenario. People in Bradford believe there seems to be an organised network of money changers who now enjoy good rates in remitting money to Pakistan especially in the absence of a scheduled bank of Pakistan. The UBL has had a good business of over 2.5 billion for remitting to Pakistan alone.

The only vulnerable strong financial point in Pakistan’s macro economy is the remittance, a major contribution by overseas Pakistanis abroad. However around 200 money changers in Bradford are enjoying the benefit in the absence of a Pakistani bank. No other Pakistani bank like leading Habib Bank, Habib AG Zurich, NBP or other are not present in the Mini-Pakistan.

Not alone the remittance busiess the bank enjoyed in the city of Bradford the visa fee was an additional income to the UBL that has been done away with. No one is found explaining the genuine reason of closing down banking operation. Not even the UBL top management is seen bothered in this respect.

It may be mentioned here that the SBP in particular has had taken no notice of the huge perks and financial benefits drawn by the top management that has been even 20 million rupees per month by the CEOs/Presidents of these institutions.

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