Oct - Dec 2008 - United Bank Limited

Cover Story
On December 26, 2008 a memo went out
from the office of the President & CEO Mr.
Atif R. Bokhari, announcing UBL’s Golden
Jubilee Celebration and felicitating the
employees and staff of the bank. As the
memo clearly spelled out, November 7, 2009
would precisely mark the fiftieth anniversary
of the opening of UBL’s first branch.
However, it was considered prudent to
declare the whole of 2009 as UBL’s Golden
Jubilee Year. At a time when the overall
business and economic environment is
fraught with pessimism the announcement
came like a much needed breath of fresh air.
As most customers and other people one
meets outside the bank too readily accept,
UBL has had a very unique and eventful
journey over the last nearly fifty years. From
its earliest days it was seen as a bank that
was more upbeat, forward looking and also
quite happy to “go against the grain” of
traditional banking in the country. The
catalogue of UBL’s firsts is not only
impressive – it is almost legendary. It is
therefore hardly a matter of surprise that
the bank has been epitomized as “the
progressive bank”.
If one were to look back and analyze the last
fifty years of the bank’s life, one could easily
see three distinct phases. Between 1959 and
1973, which constitutes the first phase, the
bank rose to become the second largest
private bank in the country with a number
of overseas branches as well. During the
second phase that lasted nearly 28 years,
the bank was nationalized along with other
banks in the country. However, there was
still a certain amount of friendliness and
care that customers experienced at UBL.
In the third phase starting from 2002, UBL
was privatized by the Government of
Pakistan in an open auction. A consortium
of investors – the Abu Dhabi Group of UAE
and the UK-based Bestway Group acquired
majority ownership and management control
of the bank. A new management team was
inducted and given the mandate to
significantly restructure the Bank and set
the direction for its new positioning in the
minds of customers and other stakeholders.
Since privatization the Bank has grown from
strength to strength. Management has placed
special emphasis on investing in people,
processes and technology and leveraging it
to achieve even higher standards of service
excellence and stronger customer
orientation. That is why UBL today has a
special place amongst Pakistan’s largest
private banks and an expanding regional
and global presence. The Bank has also
earned the enviable reputation of being an
innovator and a trend-setter within the
banking and services sector.
A series of celebratory events are planned
for the Golden Jubilee Year 2009. Some
would be directed at UBL customers and
other external stakeholders, while others
especially focused on the Bank’s employees.
Custom-designed, competitive
events will generate healthy
competition, a stronger sense
of belonging and an
augmented spirit of service
among the employees and
staff. This will ultimately
benefit customers who would
enjoy better service in a more
conducive environment.
Several other events are
planned including customer
networking events that will
become more pronounced as
we approach other milestones
such as the date of
incorporation or the day we
opened the doors of our first
branch for customers. Apart
from the three cluster
headquarters in Pakistan and
the Head Office, our offices in
Dubai, UAE and other
locations will also use the
opportunity for networking
and earning greater goodwill
for the Bank beyond our
national boundaries.
It is hoped that UBL’s Golden
Jubilee Celebrations, though
modest and mindful of the difficult economic
environment in the country and indeed the
world, will keep the spirits of our employees
high. We are confident that every UBL
employee will play their part in making the
Golden Jubilee year an outstanding one for
the Bank as a fitting tribute to the generations
of men and women who have labored over
five decades to make UBL worthy of respect
and adulation.
To close, it would be apt to quote from the
memo that was sent out by the President &
CEO: “Let us therefore pray to the Almighty
to take our beloved institution to greater
heights and grant each and every one
of us progress and prosperity through
its glory”.
October - December 2008
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