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Union Bank

Company type	Public
Industry	Banking
Founded	1991 (1991)
Defunct	2006 (2006)
Fate	Acquired
Successor	Standard Chartered
Headquarters	Karachi, Pakistan
Products	Loans, 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. It was acquired by Standard Chartered Bank in 2006.

Prior to the merger, 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.

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 June 2002, Union Bank acquired 10 branches of Emirates Bank in Pakistan for $18 million.

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.

See also

• Standard Chartered Pakistan

References

1. "Two major banks are in merger talks". 16 May 2006.
2. Hussain, Dilawar (June 8, 2002). "Union Bank to take over Emirates branches". DAWN.COM.
3. "Standard Chartered Acquisition of 95.37% Interest in Union Bank Ltd" Standard Chartered, 6 September 2006
4. "Standard Chartered acquires Union Bank" The Dawn, 5 September 2006
5. "Standard Chartered Bank (Pakistan) Limited | EMIS " securities.com

External links

• Standard Chartered Pakistan

v t e Standard Chartered
Divisions and subsidiaries	Current International Bank of Qatar Standard Chartered Bangladesh Standard Chartered Ghana Standard Chartered Hong Kong (Mox Bank) Standard Chartered India Standard Chartered Kenya Standard Chartered Korea Standard Chartered Nepal Standard Chartered Pakistan Standard Chartered Singapore Standard Chartered Sri Lanka Standard Chartered Tanzania Standard Chartered Thailand Standard Chartered Uganda Standard Chartered Zambia Standard Chartered Zimbabwe Former Allahabad Bank Standard Bank Standard Chartered Bank of Canada Chartered Trust 20Twenty
Predecessors	American Express Bank Bank of British West Africa Chartered Bank of India, Australia and China Colesberg Bank Grindlays Bank Hsinchu International Bank P&O Bank Eastern Bank Standard Bank Union Bank
Places	Six Battery Road Standard Chartered Bank Building
Management	José Viñals (Group Chairman) Bill Winters (Group Chief Executive)
Sponsorships	Greatest Race on Earth Hong Kong Marathon Jersey Marathon Kuala Lumpur Marathon Liverpool Football Club Mumbai Marathon Nairobi Marathon Singapore Marathon Singapore Sevens
Other	Seeing is Believing
Nationalized  Spun off  Sold Category [REDACTED] Commons

v t e Banking in Pakistan
Central bank	State Bank of Pakistan
Big Four	Habib Bank MCB Bank National Bank United Bank
Commercial banking	Public sector Bank of AJK Bank of Khyber Bank of Punjab First Women Bank Industrial Development Bank Karakoram Cooperative Bank Punjab Provincial Cooperative Bank Limited Sindh Bank Zarai Taraqiati Bank Limited Private sector Allied Bank Askari Bank Bank AL Habib Bank Alfalah HabibMetro JS Bank Soneri Bank Standard Chartered Pakistan
Microfinance	HBL Microfinance Bank Khushhali Bank NRSP Microfinance Bank Telenor Microfinance Bank
Islamic banking	BankIslami Bank Makramah Al Baraka Bank Pakistan Dubai Islamic Bank Pakistan Faysal Bank MCB Islamic Bank Meezan Bank Samba Bank
House building	House Building Finance Company
Savings Bank	National Savings Organization
Foreign banks	Citibank Pakistan Deutsche Bank Pakistan ICBC Pakistan BOC Pakistan Bank of Tokyo Mitsubishi Pakistan
Defunct banks	BCCI Bank of Bahawalpur Burj Bank Federal Bank for Cooperatives KASB Bank NIB Bank PICIC Commercial Bank RBS Pakistan Silkbank Union Bank
See also	List of banks in Pakistan Pakistani bankers Institute of Bankers Pakistan KIBOR National Institute of Banking and Finance
Category

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• 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
• Asian bank stubs