VOL. XLV

No 26

1-July-2002

UAE

Emirates BankInternational Withdraws From Pakistan

Emirates Bank International (EBI) is to close its operationsin Pakistan this year following the signing of a memorandum of understandingwith Pakistans Union Bank Ltd, which will buy EBIs10 branches in the country in a deal worth $18mn. According to banking sources,the move is part of EBIs strategy to concentrate onthe Gulf market and reflects the banks success in reaching an agreement withthe Saudi Arabian Monetary...