United Bank Limited (UBL): UBL to close New York Branch voluntarily and surrender its US banking license – By Taurus Research

<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">United Bank Limited (UBL) has announced its intention to voluntarily liquidate its New York branch and surrender its license in the United States. The decision has been taken as part of the Bank's global realignment strategy and keeping in view the commercial viability of the operations there.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Earlier, the Bank and the US Federal Reserve had entered into a Compliance Agreement (effective July 2, 2018), to improve its risk management and compliance standards to meet the requirements of the Anti-Money Laundering regulations of the US.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">The Agreement had followed the US FED's recent ...