Financial Statements - United Bank Limited

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U N I T E D B A N K L I M I T E D Key developments during 2012 Home Remittances UBL is now the market leader in the home remittances business with a market share of 22%. Home remittance volumes increased by 30% in 2012 to US$ 3 billion, earning much needed foreign exchange reserves for the country. This is a major accomplishment for the Bank and has been achieved through a superior “Tez Raftar” product offering. There was also a greater focus in target markets which originate higher remittance volumes, where UBL increased its overseas sales representation, along with brand building and joint marketing initiatives with overseas partners, thus improving the Bank’s reach and enhancing partner relationships and coordination. Acquisition of Khushhali Bank Limited A UBL led consortium successfully acquired a 67.45% stake for Rs 2.35 billion in Khushhali Bank Limited (KBL), a leading microfinance bank in Pakistan. In addition to UBL, the consortium comprises of US and European investors with considerable expertise and experience in the global microfinance arena, who are expected to bring value towards optimizing the significant potential of KBL. The consortium has re-constituted the KBL Board of Directors, and is assisting KBL’s senior management in formulating a new and ambitious long-term strategic vision. UBL expects that KBL will be able to substantially expand its reach, grow its business and realize cost efficiencies by leveraging the synergies between KBL and UBL Omni. UBL already held a 11.73% stake in KBL, which has now increased to 29.69%. Consequently, the consortium will now hold 79.18% of KBL’s share capital. Signature UBL added 4 priority banking “Signature” lounges in 2012 taking the total to 13 and expanding its reach within the valuable high net-worth segment. Signature was launched in November 2009 and currently caters to over five thousand high net worth customers. Signature provides a complete range of retail banking products with exclusive and dedicated personnel and premises and also provides its customers with privileges through alliances with high-end partners. The year 2012 also witnessed the launch of UBL's exclusive Airport Lounges in Karachi, free for use by UBL Signature customers. To date, over 10,000 customers have been served with
U N I T E D B A N K L I M I T E D numbers growing steadily. UBL also continues to maintain its exclusive relationship with Port Grand in Karachi, which offers complimentary admission for UBL Signature customers along with attractive discounts at various establishments. Instantaneous ATM/Debit Card for Omni account holders UBL Omni successfully launched Pakistan’s first ATM/Debit card that is provided to branchless banking customers at the time of account opening. This feature has been very well received and has resulted in a multifold increase in the number of branchless banking accounts opened. Collaboration with UBL Funds UBL enhanced its partnership with UBL Fund Managers by offering its customers opportunities to invest in UBL’s mutual funds through the UBL network. A nationwide training initiative, lasting 8 weeks and covering 220 branches, was conducted to provide staff in-depth training on the promotion and sale of UBL Funds. This has been supported by process improvements at both ends to facilitate customers. These initiatives will improve cross-sell and deepen relationships, particularly with high net worth customers, whilst providing them an expanded product suite and convenient, tax efficient financial solutions. Bancassurance To build on the success of the bancassurance initiative and expand its product range, UBL entered into an alliance with State Life Insurance Corporation. UBL’s customers now have convenient access to a broad range of products to suit their needs from EFU Life, Jubilee Life and State Life Insurance. Social Media With a young and increasingly tech-savvy population in Pakistan, social media is an increasingly important channel for communicating with customers. In 2012, UBL revamped its website and created a presence on Facebook and Twitter, which are now important components in UBL’s overall media strategy. These sites are witnessing increasingly regular interaction, providing customers with constant updates on product offerings and developments whilst also giving them an opportunity to provide feedback. Launch of first electronic IPO In 2012, UBL marked a significant milestone by introducing the first-ever online share subscription mechanism in Pakistan for the IPO of Aisha Steel Mills. This was a joint initiative of UBL, the Securities & Exchange Commission of Pakistan, Aisha Steel Mills Limited and Arif Habib Limited. This was the first electronic IPO (eIPO) offered in Pakistan where customers applied for
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Annexure 'A' as referred to in note
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Sr. No. 1 Commercial Reprsentation
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Disposals of operating fixed assets
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Disposals of operating fixed assets
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Financial Statements - United Bank Limited

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