UBL waives off Rs 3 billion loans last year - 300 foreigners out of 422

[Wadera]

Foreigners, including a large number of Indian, are among the beneficiaries.


United Bank waived off Rs 1.5 billion’s loans of foreigners during the last year.

According to the documents received by Dunya News, the matter surfaced when the National Assembly summoned the lists of loan waiver.

It was stated in the Finance Ministry report that the United Bank had waived off the loans of 422 people, including 300 foreigners.

The written off loans valued around Rs 3 billion and the foreigners were the beneficiaries of Rs 1.5 billion of the waiver.

The Indian whose loans were written off are: Surendra Lal Makhan (Rs 12 million), Vinay Kumar ( Rs 8.7 million), Mohiudin Ghori (Rs 1.8 million) Ravi Kumar (Rs 0.8 million), Asait Parekh (Rs 12 million) Prasan Kumar, (Rs 1.2 million) Kumar Shukla (Rs 2.2 million), Arvind Raina (Rs 0.29 million), Geeta Parekh (Rs 0.7 million) Pojray Asoka (Rs 2 million), Tindyal Krishnan (Rs 3.4 million), Ram Shankar (Rs 0.7 million), Chidambaram Kumar (Rs 0.8 million) Amrit Bahadur (Rs 0.8 million), Ganesh Kumar (Rs 0.6 million), Rajindar Kali (Rs 2 million), Mohan Kara Pandy (Rs 1.4 million) Shalish Kumar (Rs 1 million) and Kumar Kadka (Rs 0.7 million).
Apart from Indians, citizens of the UEA, Qatar, Iraq, Labnan, Afghanistan and Syria are also among the loan waivers.

Source: Dunya News

Wow ... now this really needs to be investigated .. but another inquiry .. committee . no real output ...

 

[DESERT FIGHTER]

Mother effers...........

 

[xTra]

Howcome a Foreiger gets a Loan.

 

[SpArK]

Howcome a Foreiger gets a Loan.

Genorousity i guess...... news sounds interesting..... Indians getting loans from there..

 

[xTra]

Genorousity i guess...... news sounds interesting..... Indians getting loans from there..

Yeh thats interesting, while Indians have difficulty in getting Loan from here, how they got it in Pakistan, I am thinking of applying for the same.

 

[DESERT FIGHTER]

Probably indian tradders!

 

[notorious_eagle]

Wow ... now this really needs to be investigated .. but another inquiry .. committee . no real output ...

Not really, the loan officers should have done their proper checking before handing out loans. If someone is to blame than its the loan managers whom issued these loans, UBL should accept the responsibility for their utter incompetence.

 

[M8R]

Howcome a Foreiger gets a Loan.

United Bank Limited (UBL) is one of the largest commercial banks in Pakistan having more than 1,000 branches inside the country. Its 15 branches outside the country are in the United States of America, Qatar, UAE, Bahrain, and Republic of Yemen. It also has representative offices in Tehran, Iran, and Almaty, Khazakstan. It owns subsidiaries in the UK (United National Bank Limited), and in Zurich, Switzerland.

 

[AgNoStiC MuSliM]

Isn't the bank private, or at least not owned by the GoP anymore?

 

[notorious_eagle]

Isn't the bank private, or at least not owned by the GoP anymore?

I think National Bank still owns half of the stake in the bank.

This will definitely effect their performance in the short term and will definitely be a kick in the back of their management to get their act together. But overall; their operations are pretty solid, a strong balance sheet and steady cash flows. They came out of the financial crisis pretty much unscathed and have consistently delivered growth in their revenues. They are not Pakistan Railways or PIA that need a bailout, they can easily withstand the waiver of RS 3 billion. They have strong fundamentals and a good strategy for future, State Owned Companies of Pakistan should take a note.