UBL.doc

INSITITUTE OF BUSINESS AND TECHNOLOGY (BIZTEK)

INTRODUCTION TO INFORMATION TECHONOLOGY

Presented toMr. XXXXXX


Group MembersXXXXXXXXXX

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Distribution of Work for Making of Report

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STATEMENT OF SUBMISSION

Date: December 5, 2008

In accordance with the requirement of the course of “Change Management”

Final Project, We present the following project entitled “Take over of UBL”.

This work was performed under the supervision of Mr.XXXXX

We declare that all the work submitted in this project is our own and is by

done by the combined effort of our group.

XXXXXXXXXX

ID: - XXXXXXXX


ACKNOWLEDGEMENTS

All prays and glory is to ALLAH who is the creator of the universe. We are

grateful to ALLAH ALMIGHTY who gave us courage to make this project

easily. We would like to thank our course teacher, Mr. xxxxx. He helped us

in this project and has been a constant source of guidance throughout the

course of “Change Management”. We would also thank our friends who

helped us in the preparation of this project and their support lead to the

completion of this project.


GLOSSARY OF TECHNICAL TERMS AND ABBREVIATIONS

ABL Allied Bank of Pakistan Limited CDC Central Depository Company of Pakistan Limited CDS Central Depository system Consortium The Abu Dhabi Group, UAE and The Bestway Group, UK CRO Company Registration Office CVT Capital Value Tax GoP Government of Pakistan HBL Habib Bank Limited HE His Excellency HH His Highness HPk Hilal-e-Pakistan ICP Investment Corporation of Pakistan ISE Islamabad Stock Exchange (Guarantee) Limited KSE Karachi Stock Exchange (Guarantee) Limited LSE Lahore Stock Exchange (Guarantee) Limited NBP National Bank of Pakistan OBE Order of the British Empire OFSD Offer for Sale Document Ordinance Companies Ordinance, 1984 PC Privatisation Commission PRCL Pakistan Reinsurance Company Limited SBP State Bank of Pakistan SCRA Special Convertible Rupee Accounts SECP Securities & Exchange Commission of Pakistan SLIC State Life Insurance Corporation of Pakistan SSGC Sui Southern Gas Company Limited TFC Term Finance Certificate UAE United Arab Emirates UBL United Bank Limited YoY Year on Year


Table of Contents

STATEMENT OF SUBMISSION.....................................................................................iiiACKNOWLEDGEMENTS................................................................................................ivGLOSSARY OF TECHNICAL TERMS AND ABBREVIATIONS.................................vChapter 1: INTRODUCTION.............................................................................................1

1.1 Traditional Banking...................................................................................................11.2 Mergers and Acquisitions..........................................................................................11.3 Change Management.................................................................................................21.4 Role of Management in Organizational Change.......................................................21.5 Structure of Report....................................................................................................3

Chapter 2: INTRODUCTION TO UNITED BANK LIMITED.........................................42.1 United Bank Limited.................................................................................................42.2 History of UBL..........................................................................................................42.3 Shareholding Structure..............................................................................................42.4 The Abu Dhabi Group...............................................................................................52.5 The Bestway Group...................................................................................................62.6 The Board of Directors..............................................................................................7

CHAPTER 3: PRIVATIZATION OF UNITED BANK LIMITED....................................83.1 Reasons for Privatization...........................................................................................83.2 Bids & Process...........................................................................................................83.3 The Controversial Sale..............................................................................................93.4 The Consortium.........................................................................................................9

CHAPTER 4: MANAGEMENT OF UNITED BANK LIMITED...................................114.1 Management of UBL...............................................................................................114.2 Profiles of Directors.................................................................................................11

4.2.1 The President & CEO.......................................................................................124.2.1 H.H. Shaikh Nahyan AL Nahyan HPK............................................................134.2.1 Mr. Mohammed Pervez OBE, HPK.................................................................14

CHAPTER 5: THE RECONSTRUCTION OF UNITED BANK LIMITED...................155.1 UBL Perspective......................................................................................................155.2 The Objectives of Reform.......................................................................................15

5.2.1 Stem the Bleeding.............................................................................................165.2.2 Create Key Building Blocks.............................................................................165.2.3 Consolidate for Growth....................................................................................17

CHAPTER 6: SERVICES OF UBL..................................................................................186.1 Services of UBL before Takeover...........................................................................18

6.1.1 Deposits............................................................................................................186.1.2 Loans.................................................................................................................18

6.2 Services of UBL after Takeover..............................................................................19


6.2.1 Deposits............................................................................................................196.2.2 Loans.................................................................................................................196.2.3 Services.............................................................................................................206.2.4 NRP Services....................................................................................................20

CHAPTER 6: CONCLUSION AND FUTURE WORK...................................................216.1 Conclusion...............................................................................................................216.2 Future work..............................................................................................................21

Chapter 1: Introduction

Chapter 1: INTRODUCTION

1.1 Traditional Banking

As early as the 1800s, people have held their money in banks. These banks set

up businesses in towns with buildings called branches. This is known as

traditional banking (a.k.a. brick and mortar) and continues strong today. Some

examples of traditional banks include but are not limited to: Bank of America,

Bank One, and Wells Fargo.

Online banks entered the market in the 1990s and are located solely on the

Internet. Examples of online banks are: Netback, Virtual Bank, and Ever Bank.

Both types of banks have their pros and cons, but many people are not aware of

them.

1.2 Mergers and Acquisitions

The phrase mergers and acquisitions (abbreviated M&A) refers to the aspect of

corporate strategy, corporate finance and management dealing with the buying,

selling and combining of different companies that can aid, finance, or help a

growing company in a given industry grow rapidly without having to create

another business entity.

A merger is a tool used by companies for the purpose of expanding their

operations often aiming at an increase of their long term profitability. There are

15 different types of actions that a company can take when deciding to move

forward using M&A. Usually mergers occur in a consensual (occurring by mutual

consent) setting where executives from the target company help those from the

purchaser in a due diligence process to ensure that the deal is beneficial to both

parties. Acquisitions can also happen through a hostile takeover by purchasing

the majority of outstanding shares of a company in the open market against the

wishes of the target's board. In the United States, business laws vary from state

Chapter 1: Introductionto state whereby some companies have limited protection against hostile

takeovers. One form of protection against a hostile takeover is the shareholder

rights plan, otherwise known as the "poison pill".

1.3 Change Management

If you work in a corporation or with a large organization, you might have heard

the phrase "change management" used from time to time. Change management

has been around for a while, but has become extremely popular with

organizations or corporations that would like to initiate significant change to

processes that can include both work tasks and culture.

A common definition used for change management is a set of processes that is

employed to ensure that significant changes are implemented in an orderly,

controlled and systematic fashion to effect organizational change. One of the

goals of change management is with regards to the human aspects of

overcoming resistance to change in order for organizational members to buy into

change and achieve the organization's goal of an orderly and effective

transformation.

1.4 Role of Management in Organizational Change

In most cases, management's first responsibility is to identify processes or

behaviors that are not proficient and come up with new behaviors, processes, etc

that are more effective within an organization. Once changes are identified, it is

important for managers to estimate the impact that they will have to the

organization and individual employee on many levels including technology,

employee behavior, work processes, etc.

At this point management should assess the employee's reaction to an

implemented change and try to understand the reaction to it. In many cases,

change can be extremely beneficial with lots of positives; however certain

changes do sometimes produce a tremendous amount of resistance. It is the job

of management to help support workers through the process of these changes,

Chapter 1: Introductionwhich are at times very difficult. The end result is that management must help

employees accept change and help them become well adjusted and effective

once these changes have been implemented.

1.5 Structure of Report

The report is organized as follows. The report starts with the introduction of

change and banking. In chapter 2, we present some basic concepts and

introduction to UBL. In chapter 3, we discuss about the privatization process of

the UBL with discussing the bid and process and the reasons to privatize. In

chapter 4, we discuss about the management of UBL with discussing the board

of directors. In chapter 5, the reconstruction of UBL is described with focusing on

the three main phases. In chapter 6 the major services of UBL before and after

take over are also discussed briefly. Chapter 7, conclude the work presented in

the report and highlights the future work that needs to be done regarding the

work presented here.

Chapter 2: Introduction to United Bank Limited

Chapter 2: INTRODUCTION TO UNITED BANK LIMITED

2.1 United Bank Limited

UBL is a Banking Company, which is engaged in Commercial & Retail Banking

and related services domestically and overseas. United Bank Limited is the

second largest private commercial bank in Pakistan with over 1000 branches and

has an international presence in 10 countries. It is a growing bank with immense

potential and prospects for employment in the offering. UBL is on the path

rerouted for attaining excellence; to achieve our goals for more prosperity and to

enhance our internal and external equity.

They believe in setting the right goals for the right jobs and we strive to identify

the right resources. UBL is known for redefining the career paths and growth

prospects of all its employees. In order to ensure their success, we provide an

affluent work environment, conducive and beneficial to the enrichment of their

personal grooming and one that proves instrumental for the success of the Bank.

2.2 History of UBL

UBL was incorporated in 1959 by Mr. Agha Hassan Abedi as President and has

been in operation since then. In 1974, the GoP nationalized the Bank and in

2002, the Bank was privatized with 51% of its shares sold to a consortium of Abu

Dhabi Group, UAE and Bestway Group, U.K. The SBP holds 48.69% of the total

share capital while the GoP holds 0.27% of the total share capital. As at

December 31, 2006, the bank had 1,074 domestic and 22 international branches.

UBL’s domestic network is divided into 10 regions.

Chapter 2: Introduction to United Bank Limited2.3 Shareholding Structure

UBL was a nationalized bank between 1974 through 2002. However, in 2002, the

Bank was privatized with 51% of its shares sold to the Abu Dhabi Group, UAE

and the Bestway group, U.K. (the “Consortium”). Furthermore, SBP holds

48.69% of the total share capital while the remaining 0.34% stake is divided

amongst the GoP, National Bank of Pakistan (“NBP”) - Trustee Department,

State Life Insurance Corporation of Pakistan (“SLIC”), Sui Southern Gas

Company Limited (“SSGC”), Investment Corporation of Pakistan (“ICP”),

Metropolitan Steel Corporation, PC, Pakistan Reinsurance Company Limited

(“PRCL”) and the SECP.

The Bestway Group (25.5%),

Abu Dhabi Group (25.5%),

the Government of Pakistan (44.8%)

General Public (4.2%)

2.4 The Abu Dhabi Group

Abu Dhabi Group is a group of Iraqi commercial business companies. AD Group

was found in 1993 as Abu Dhabi co. and expanded to several commercial

companies each specialized in a certain kind of business. AD Group has several

offices, work shops and warehouses in Baghdad and other Governorates and by

its long experience history, perfect management, professional staff and

capabilities reach to successful achievements. AD has implemented many official

and private business contracts in supplying materials or executing projects. AD

Group has three companies outside Iraq, two are in UAE and the other is in

Canada. The Abu-Dhabi Group consists of:

Abu Dhabi co. for wire and wireless communications. /Baghdad-Iraq.

Al-Najmy co. for Internet, Security, alarm and monitoring systems.

/Baghdad-Iraq.

Chapter 2: Introduction to United Bank Limited Al-Breamy co. for Mechanical, petrochemical and Medical

trading./Baghdad-Iraq

Al-Baz co. for Broadcasting, Auditorium and voice systems./Baghdad-Iraq

AD Geophysical co. for geophysical services./Baghdad-Iraq

Euro wall co. for pre fabricated buildings and constructions./Baghdad-Iraq

Al-Jazeera Al-Arabia factory for steel wire fabrications./Baghdad-Iraq

IBL co. International Business Link L.L.C./ Dubai-UAE

Al-Omary Brothers co. for General Trading /Jebel Ali-Dubai-UAE

AD co. for general trading./Calgary-Canada

2.5 The Bestway Group

Bestway Group (BG) is a large privately owned conglomerate that covers, Cash

& Carry wholesale, Cement manufacturing, Banking and Property.

Second largest cash & carry operator in UK with an 18% market share

with a turnover of £1.8 billion;

Second largest producer of cement with capacity of 6 million tones per

annum;

Second largest private bank in Pakistan with assets under management of

$9 billion;

Investment property portfolio of £80 million.

Companies

Bestway Cash & Carry

United Bank

Best-One - Retail Development

MAP Trading

Bestway Milling

Palmbest

http://www.bestwaygroup.co.uk/?id=383001






Chapter 2: Introduction to United Bank Limited Bestway Cement

Batleys

2.6 The Board of Directors

Name Designation

His Highness Shaikh Nahayan Mabarak Al Nahayan

Chairman

Sir Mohammed Anwar Pervez, OBE, HPK

Deputy Chairman

Mr. Atif R. Bokhari President & CEO

Mr. Omar Ziad Jaafar Al Askari Director

Mr. Zameer Mohammed Choudrey Director

Dr. Ashfaque Hasan Khan Director

Mr. Muhammad Sami Saeed Director

Mr. Aqeel Ahmed Nasir Company Secretary & Chief Legal

Mr. Aameer Karachiwalla SEVP/Group Chief Financial Officer


Chapter 3: Privatization of United Bank Limited

CHAPTER 3: PRIVATIZATION OF UNITED BANK LIMITED

3.1 Reasons for Privatization

The privatization of United Bank Limited is a cumbersome task, its position was

not as bad as it appeared but, the bank was suffering a surplus staff of nearly

eight thousand in its total strength of 22,500, whose future hang in uncertainty

and might be sacked after privatization of the bank. The Privatization

Commission (PC) is supposed to sell out 26% of the UBL shares shortly inviting

a private sector share in the management of the bank. Credit Lyonnais, Financial

advisers, selected for the task of dis-investing UBL have been asked to expedite

the evaluation process. It is learnt that the World Bank has now suggested that

the bank should be sold without compilation.

3.2 Bids & Process

Privatisation Commission had received 21 Expression of Interest for 51 per cent

shares of UBL offered for sale. Of these parties, seven groups are from Middle

East, four from UK, and two from US and eight from Pakistan.

Those groups from Middle East which bid for UBL were ARY Traders (UAE) Abu

Dhabi Group (UAE), Bank Dhofar Al-Oman AI-Fransi (SAOG) (Oman), Bank

Muscat (SAOG) Oman, Dalil International (Bahrain) WLL (Bahrain), Jawed

Textile Mills Co. (Bahrain) and Nasser Abdullah Hussain Lootah Group of

Companies (UAE).

Parties from USA were SB Technologies LLC and IFS Inc. While from UK,

Ahmad and Nabi McMullan (Accountants and Tax Consultants) (London), Akhtar

Group PLC, (London), Bestway (Holdings) Ltd, (London) and M.M. Sharif and

Associates (London).

Chapter 3: Privatization of United Bank LimitedThe bidders from Pakistan included Aqeel Karim Dhedhi Securities (Pvt) Ltd.,

Central Insurance Co. Ltd. (Dawood Group Co.), Fauji Foundation (Pakistan),

Amsterdam Trust Corporation (TC) (Netherlands), M. Abdullah and Associates,

Institute of Overseas Pakistanis, Invest Capital Securities (Pvt) Ltd., MCB and

Union Bank Ltd.

Abu Dhabi Group has given a renewed offer of Rs.12.3 billion, slightly higher

than MCB's improved bid of Rs.12 billion. Other two parties, Abu Dhabi Group,

did not match either MCB's earlier offered bid of Rs.8.5 billion or the improved bid

of Rs.12 billion. The MCB's improved bid is higher of PC's reserved price of

Rs.11.8 billion.

3.3 The Controversial Sale

The sale of United Bank Limited has become controversial. The UBL can still

fetch better price. The Privatisation Commission is taking hard lines and insisting

to go by books, it is maintained. It is up to the Cabinet Committee on Privatisation

(CCOP) to review the entire case and take decision accordingly. Fair deal can be

assured by the CCOP. In the past such type of scandals had tarnished the image

of the then governments. No doubt the MCB point of view appears to be more

logical but the other parties should be heard and given a fair chance. UBL sale

might be delayed a bit but the justice should prevail.

The only option left for these remaining parties is the rebidding of UBL by

Cabinet Committee on Privatisation (CCOP), which has the authority. According

to the PC rules defined, the Board of Privatisation or CCOP may decide to call for

rebidding, on promise that market conditions will improve. In case of rebidding all

parties to be short-listed in the pre-bidding process, would be required to bid in

an open bidding as earlier done in the case of UBL.

3.4 The Consortium

The Consortium of Abu Dhabi & Bestway Group on Thursday succeeded in

acquiring majority shares of the United Bank Limited (UBL) by increasing their

Chapter 3: Privatization of United Bank Limitedbid from Rs12.3 billion to Rs12.35 billion. The representatives of all the three pre-

qualified bidders were present on the occasion. However, only Abu Dhabi group

took part in the fresh bidding, and increased its bid to Rs12.35 billion. The

Muslim Commercial Bank (MCB) group, which was the highest bidder in the

previous bidding by giving an Rs 12 billion bid, did not opt for the fresh bidding.

UBL is the 4th largest bank in Pakistan. It has a 9 per cent market with 1,101

branches across Pakistan as well as a valuable franchise of 16 international

branches in the US, and the Middle East, with a subsidiary in Switzerland, rep

offices in Egypt and Iran and a 55 per cent stake and management control in UK-

based join venture with 7 branches and a 25 per cent stake in a joint venture in

Oman.

Chapter 6: Conclusion and Future Work

CHAPTER 4: MANAGEMENT OF UNITED BANK LIMITED

4.1 Management of UBL

The management team comprises experienced banking professionals well

positioned to meet UBL’s business objectives. Senior bankers have been

inducted to head various divisions organized around core businesses, such as

foreign trade, credit, structured finance and treasury activates. The Bank has

also hired qualified middle and lower management personnel to create a team of

professionals at all levels. The Bank’s affairs are governed by a Board of

Directors, which currently consists of the President and Chief Executive Officer

and seven Directors. The President and Chief Executive Officer have an overall

responsibility for the strategic direction, government relations and to manage the

portfolio of business and its functions.

4.2 Profiles of Directors

The profiles of the board of directors are as follows:


4.2.1 The President and CEO

Mr. Atif R. Bokhari was appointed as the new President & Chief Executive Officer

of United Bank Limited in May 2004 replacing Mr. Amar Zafar Khan. In August

2000, Mr. Bokhari joined HBL as Executive Vice President, International Division

and was responsible for development of business plans, risk and portfolio

management of corporate clients and risk management and marketing of

financial institutions both locally and globally. In September 2001, he was

Chapter 6: Conclusion and Future Workpromoted to SEVP & Group Head, Corporate and Investment Banking, and a

member of the HBL’s management committee. In this position he managed the

largest Corporate and Investment Banking portfolio amongst all banks operating

in Pakistan, and successfully established HBL as a leading bank in Corporate

and Investment Banking area of Pakistan through a focused strategy and new

initiatives. Mr. Atif Bokhari is an MBA (Economics & Finance) from Central

Missouri University, USA. He started his career with ICI (Pakistan) in October

1983. Subsequently for 15 years he worked at the Bank of America rising to

corporate /Credit Marketing Manager.

4.2.1 H.H. Shaikh Nahyan AL Nahyan HPK

His Highness Shaikh Nahayan Mabarak Al Nahayan is Chairman of the Board of

Directors of the Bank since October 19, 2002. He was recently conferred the

award of Hilal-e-Pakistan by the Government of Pakistan. He is a prominent

member of the Royal Family of Abu Dhabi. He is Federal Minister of Education,

UAE. In 2002, His Highness and other members of the Abu Dhabi Group

acquired 25.5% majority shares and management control of the Bank, along with

the Bestway Group, UK who also acquired 25.5% shares of the Bank. His

Highness is also holding the following offices:

• Chairman, Union National Bank, UAE

• Chairman, Warid Telecom (Pvt) Limited, Pakistan

• Chairman, Abu Dhabi Group of Companies

• Chancellor, UAE University, Al Ain, UAE

• Chancellor, Sheikh Zayed University, UAE

• Chancellor, Higher Colleges of Technology, Abu Dhabi

• President, Society of Natural History and National Heritage, UAE


4.2.1 Mr. Mohammed Pervez OBE, HPK

Sir Mohammed Anwar Pervez, OBE, HPk is the Deputy Chairman of the Board of

Directors of the Bank since October 19, 2002. He is Chairman of Bestway Group

who acquired 25.5% majority shares and management control of the Bank along

with the Abu Dhabi Group who also acquired 25.5% shares in 2002. Bestway

Group is amongst the top 10 privately owned companies in UK. Its cash & carry

operations are the second largest in UK with an annual turnover in excess of

US$ 3.3 billion9. The group provides employment to about 5,000 people in UK.

The group’s cement company is the fourth largest cement producer in Pakistan.

Sir Anwar was awarded the Order of the British Empire (OBE) in 1992 by Her

Majesty, Queen Elizabeth. A Knights Bachelor Honor was conferred on him in

1999. Hilal-e-Pakistan (HPK) was awarded to him by the Government of Pakistan

in 2000. Sir Anwar is a trustee of Memorial Gates Trust, Crime stoppers and

Duke of Edinburgh’s Award Scheme


CHAPTER 5: THE RECONSTRUCTION OF UNITED BANK

LIMITED

5.1 UBL Perspective

The Central Bank took over – retired central banker appointed Chairman; he took

on the militant unions but over the next 15 months had 4 different bank

Presidents

As of year-end the bank had

Negative equity

Heavy & continuing operating losses due to

Overstaffing – 21,500 employees

Over branching – 1,701 branches

NPLs – 60 % of total loans

An international network (9 countries) incurring substantial losses and under

pressure from all regulators. A lack of systems and controls across the board.

Demoralized staff, declining deposits & market share.

5.2 The Objectives of Reform

Overall purpose was to reposition it after privatization. This was to be achieved in

three phases.

Phase 1: Stem the bleeding

Phase 2: Create Key Building Blocks

Phase 3: Consolidate for growth


5.2.1 Stem the Bleeding

There was a need to have a strong board of directors from the private sector

(CEO’s from major local & foreign companies). People focus was to be created in

such a way that the new & old management can work easily in the new

environments. Many new senior were also hired for expert and effective

positions. Almost 33 key positions were changed. A need was created to identify

key internal seniors, in order to retain the old positions. The basic purpose to

create a change was to involve employees with them selves and then drive the

change. A major change occurred in this phase was the downsizing of staff. The

management identified excess of 8,000 employees out of existing 21,500

employees. The cut costs and signal intent was to change culture. The branches

and zones were to be rationalized. The arrest rising NPLs (80,000 accounts in

default). Start re-building overseas network was also brought into consideration.

Development and communicate basic strategy with others was to be created with

the identifying of external consultants to assist in development of strategic plan

5.2.2 Create Key Building Blocks

The second phase in the reconstruction of United Bank Limited was to create key

building blocks. The following steps were taken in consideration for this phase:

Data integrity / Timeliness (P&L, Balance Sheet)

Credit policies / controls / review / monitoring (previously all approvals with

executive committee of Board)

Strengthen / revamp audit process (25% of new hires into audit)

Treasury – track and manage liquidity / positions

Human Resources – make performance driven

Facilitate recovery of bad debts – set up specialized remedial management

units

Chapter 6: Conclusion and Future Work Work on government to resolve public sector default cases to cut drag and

signal support / commitment

Establish corporate bank structure for domestic network to limit flow of new

NPLs, enhance image

Finalize / implement technology plan – PC based, hub driven (zones /

regions)

Based on above progress (Phases 1 & 2) push for capital injection by

government

5.2.3 Consolidate for Growth

The third phase in the reconstruction of United Bank Limited was to consolidate

for growth. The following steps were taken in consideration for this phase:

Essentially upgrade processes / consolidate for growth

Implement next downsizing stage – voluntary/non-officials

Build overseas franchises – develop strategies, staff up, clean out NPL’s,

improve service / ability to lend

Deepen corporate banking effort & implement SME strategy, protect top

consumer relationships

Extend automation to cover all key branches (150)

Drive down pay for performance message


CHAPTER 6: SERVICES OF UBL

6.1 Services of UBL before Takeover

Before the takeover of UBL the services offered by the bank were the usual

services which were being offered by all the other national banks. Due to the fact

that the bank was a national bank and there were many difficulties faced by the

bank hence it did not focus on the growth of the bank in order to offer new

services. The services being offered by the bank were as follows:

6.1.1 Deposits

UBL Business Partner (Current Account)

Rupee Transactional Account (RTA)

UBL Basic Banking Account - BBA

Regular Term Deposits Receipts

Foreign Currency Savings

Foreign Currency Term Deposits

6.1.2 Loans

Home Loans

Business Loans

Zarai Loan


6.2 Services of UBL after Takeover

6.2.1 Deposits

UBL has taken progressive steps and has introduced innovative products and

services to provide you a variety of banking and financing services.

UBL Business Partner (Current Account)

Rupee Transactional Account (RTA)

UBL Basic Banking Account - BBA

UBL UniFlex Account

UBL UniSaver Account

UBL Profit COD

Regular Term Deposits Receipts

Foreign Currency Savings

Foreign Currency Term Deposits

Special Notice Deposits Receipts - SNDR

Free Insurance Coverage for all UBL Account Holders

Monthly Projected Rates

Declared Profit Rates (July - December 2007)

Unclaimed Deposit

6.2.2 Loans



UBL Credit Card

UBL Money

Chapter 6: Conclusion and Future Work UBL Businessline

UBL Cash line

UBL Address

UBL Drive

UBL Pay Plus

6.2.3 Services



UBL net banking

UBL e-statement

Humrah

UBL Wallet

UBL Online (for corporate customers only)

6.2.4 NRP Services



Remittance - Tezraftaar

Accounts - UBL NRP Direct

Investments - UBL Funds Manager

Electronic Access - UBL net banking


CHAPTER 6: CONCLUSION AND FUTURE WORK

6.1 Conclusion

The Reconstruction of the United Bank Limited did brought many new lessons

learnt throughout. The change in laws was the key. There were mainly some

important aspects including the Consultants, Downsizing, Existing staff, New

hires, On Reform, On Privatizations.

Can be transformed from dying dinosaurs to vibrant, lean, competitive

entities that can be privatized

Temptation to retain once fixed but privatization is critical

Set realistic targets – start with more doable ones!

6.2 Future work

Banking is based on information technology. If one asks about the past of

banking then it can be said that it doesn’t has any past without information

technology, and the IT has rushed out just with in a few years, so, it can be said

that it is inter-related with Information Technology. What ever will be the future of

I T the same will be of banking? It means that in future it is going to become

more advanced, secure and comfortable in future.

Following is a quotation which can help us to imagine the future of banking.

“The children of today aren't going to go to bank branches,"

Chetan Mathur, president of Sage Information Consultants of Toronto, told the

conference.

Chapter 6: Conclusion and Future Work"They're not going to stand in line. They're comfortable using the Internet and

they expect organizations like yours to have that presence."

In the future, the Web customers will be able to pay bills directly from their

accounts and get stock trading confirmations. They'll also get messages from the

bank, such as a warning that their mortgage is due in three months or an

announcement that a new mutual fund has Work

The CBG department of UBL defines corporate banking in Pakistan. Amongst the

local banks UBL CBG is the pioneer in providing innovative solutions to its

diversified and satisfied customer base. UBL CBG is considered to be a major

player in the financial market of Pakistan.

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