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Closure of 200 UBL branches to save Rs 50 m monthly

ISLAMABAD: Closure of another 200 branches of the United Bank Limited is expected to save monthly savings of up to Rs 50 million, sources in the State Bank of Pakistan told Fortuna on Saturday.

These sources said the recently announced closure of 200 more UBL branches will be completed by April this year. The government had earlier closed 219 UBL branches in 1997.

The closure of 200 branches will leave behind a total of 1,224 UBL branches throughout the country.

The closure of a total 419 branches this year would result in cumulative savings of around Rs 1 billion per month, sources said.

The planned reduction in the number of bank branches will make the bank more profitable and thus a lucrative buy in the privatisation process, sources said and added that it was a part of the restructuring of the bank ahead of privatisation.

Sources said the SBP was also increasing the branch area radius to 10 kilometres from the present 2 kilometres. Fortuna