History of Union Bank Limited
Established in 1991 and backed by a major Middle Eastern Group, Union Bank today is
the preferred choice of thousands of satisfied customers throughout Pakistan. With 42
branches in 19 cities and a correspondent banking network of over 300 banks in 85
countries, Union Bank is rapidly gaining ground in the global financial market.
In year 2000, Union Bank acquired Bank of America's local operations in Pakistan.
Keeping on the same strategic run, in July 2001, Union Bank signed an Independent
Operator Agreement to issue, operate and market American Express Cards in Pakistan.
Later, in the year 2002, Union Bank acquired Emirates Bank International's local
operations. Subsequently, the bank started its foray in international banking through the
acquisition of Mashreq Bank operations in Sri Lanka. Union Bank acquired both the
domestic and off shore banking units of Mashreq Bank in Sri Lanka in year 2003.
With major investments in international brand acquisitions, branch network and
information technology including a state-of-the-art customer contact center, Union Bank
is well on its way to offer its customers innovative financial products with unmatched
service quality.
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Introduction of Union Bank
Directors and Chairman.
Mr. Mueen Afzal
Mr. Shaukat Tarin
Mr. Muneer Kamal
Dr. Abdullah Mohammad Abdullah Basodan
Mr. Munnawar Hamid
Mr. Qazi Mazharul Haque
Mrs. Lubna Majeed
Chief Operating Officer Pakistan OperationsMr. Aziz Rajkotwala
Chief Operating Officer International OperationsMr. Muneer Kamal
Secretary Syed Liaquat Ali
Audit Committee of the Board
Mr. Qazi Mazharul Haque (Chairman)
Mr. Mueen Afzal (Member)
Mr. Muneer Kamal (Member)
Mr. Munnawar Hamid (Member)
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Vision Statement
To be the premier financial institution in the Emerging Markets
Mission Statement
To be the premiere bank, responsive to the needs of our target market customers,
recognized for consistently superior service quality and innovative products, thereby
delivering superior value to our stakeholders
Core Values
Customer Focus:
Relentless focus on understanding and fulfilling customer needs through superior service.
Innovation:
Continually generate, validate and implement creative solutions to business challenges.
Meritocracy:
Ensure a fair recruitment process and closely link recognition and reward to performance
against goals, irrespective of personal relationships, gender, religion or ethnicity.
Integrity:
Uncompromising financial and intellectual honesty to the organization and oneself with
relationships based on mutual trust and openness.
Team-work:
Willingness to share the glory of achievements as well as responsibility for failure.
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Humility:
Display self-belief as well as modesty and be respectful to all customers, colleagues and
business partners
Union Bank's New Corporate Visual Identity
The new corporate identity, with bright colors yet simple outlook, is designed to reflect a
premiere, modern and technology oriented bank. The bright colors not only ensure
increased visibility but also create a fresh, energized and vibrant outlook. The simple font
portrays a unique appeal of elegance and modernity
Union Bank International
Union Bank's vision goes beyond local operation. The bank's aim is to become a
prominent Pakistani bank with substantial international presence. With a wide range of
products & services and management expertise in all functional areas of banking, Union
Bank finds itself best positioned to embark on international operations.
In order to establish an international network Union Bank has been evaluating several
emerging economies in Europe, Southern Africa and South Asia. The criteria for the
selection of the country include the level of economic activity, the demand for consumer
products and the trade and economic relations with Pakistan.
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Union Bank selected Sri Lanka as the first venue for commencing its international
business. The historically warm relationship between both the two countries provides
Union Bank a congenial platform to start its offshore operations. Sri Lanka is one of the
fastest growing economies in the region and the bilateral trade agreement between
Pakistan and Sri Lanka will not only help to boost trade but will further strengthen the
relationship between the two countries. With economic and cultural similarities between
the two Countries, Union Bank believes that it will be able to leverage its success in
Pakistan to Sri Lanka as well.
Product and Services
Union Bank has a vision to provide its customers with a complete range of banking
solutions. Over the course of last two years, Union Bank has launched various products
and services that cater to the financial needs of thousands of customers from across
Pakistan. Some of the key products and services that Union Bank boasts on its menu are
American Express Charge and Credit Cards, Ready Cash, Uni-car, My Home, Business
Power, Business Account, Mahana Izaafa as well as Union Bank Online.
Personal Accounts Include:
1. Mahana Izafa.
2. Business Accounts
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3. Munafa Max
4. Saving Account
5. Current Account.
Personal Finance includes
1. Ready Cash
2. Uni Car
3. My Home
4. Business Power.
Bank Advances include
1. Commercial Loans
A: Running Finance / Over Draft
B: Small Loans
C: Demand Finance or Loan
2. Non - Commercial loans
A: Project Loans
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Branches
Faisalabad Multan
Gujrat Peshawar
Gujranwala Quetta
Hyderabad Raiwind
Islamabad Rawalpindi
Jhelum Sahiwal
Karachi Sargodha
Lahore Sialkot
Mardan Swat
Mirpur (A. K.)
Departments
Administration Customer Service & Quality
Audit Financial Institutions
Branch Banking Human Resource Division
Card Operations Information Technology
Cash Management Marketing
Central Finance Division Merchant Acquisitions
Central Operation Division Remote Banking
Consumer Business Small & Medium Entp.Group
Corporate Banking Group Special Asset Management
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Credit Administration Dept. Treasury Operation
Organization Structure
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Board of Directors
Chairman
Vice Chairman
President & Group C.E.O
Secretary
G.H Crd&Rm
G.H H.R.D
C.H S.M.E
C.H U.L C.H I. Audit
C.F.O G.H R.B
Dir. S.Q
G.H Con.B
H.IT & Op
Administration and Accounts
In the f-7 branch of Union Bank both the administration and Accounts is headed by one
person who is responsible for looking after the accounts of the branch and forming pay
orders for work or services which are used by the branch meaning a mixture of both
accounts and administration. He has to make sure at everyday that the branch is a
balance, in my days there; there was no one day that they had come across any problem
of an unbalance. The administration department deals with all sorts of things one of there
responsibilities is to make arrangements for Union bank personnel coming from other
cities, hotel booking and etc. They also deal with ensuring the smooth running of the
branch, that any problems of any kind occur even if it is as small as a person is not being
well or has a headache or someone wants a plant in their office it is all handled by the
head of administration and accounts
I had started my internship at very critical timing of the year, Union bank has two closing
of accounts one is on the 31 of December which is known as the year end closing and the
other is on the 30th June which is known as the half year closing. As I started my
internship they did not delay in providing me with complex work after a brief interview
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about the accounting process and concepts which I had learned in the 1st and 2nd semester
of my BBA. I was given a task to calculate the depreciation of all the fixed assets which
the F-7 branch of union bank had. It was a very complex task since half of the dates and
previous depreciation very faulty. To better understand this I needed stronger and more
advance concepts of accounting which I did not have. Dead line of 10 days was given to
me to accomplish my task which I had met by staying long hours at the office and also by
the guidance of Mr. Tanveer who is the head of accounts and administration.
In order to make my work simpler I broke it down into parts and sections. Due to a
change in the accounting system of Union bank the head office in Karachi had grossed up
all the provision of deprecation on September 30th and a new record of depreciation was
made. The reason for the bank to do this was that some branches even the head office had
been calculating depreciation on Assets for the whole month when the asset was
purchased after the 15th of the purchasing month and also some other reasons. So I had
divided my task in first calculating the depreciation of each asset that the F-7 branch had
before September and then calculating after September and separating the grossed up
amounts from a sum total into months of each asset for a whole year (June 03 to June 04).
Once completing this I had to then counter check that each amount which I had
calculated was correct by tallying it with the statement by the head office Karachi. After
accomplishing this task I was assigned to a new task of calculating the month’s telephone
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bills and with holding tax. After the calculation I was asked to create a proper statement
which would be kept in the records.
Every non contractual employee has a medical benefit. A married employee can with
withdraw up to Rs. 20,000 in a year for medical purposes and a unmarried employee can
take up to Rs. 10,000. For keeping a proper record of this the Bank maintains a register
and then that register is entered on excel sheets to have an updated record at all times.
This task of maintaining and creating excel sheets for this year was given to me.
Although it was a very simple task but had be dealt with extreme care since a wrong
entry in this would be problems for the employee who is withdrawing the medical fund
and the person who has entered the amounts. This was the only proper record of the
withdrawals and with faulty entries in it would be loss for the organization or for the
employee and in order to rectify it one would have to go through all the medical bills
which the employee has to had over in order to claim his money. I first entered all the
information on to the register and then from that register I made excel sheets of the same
information. The experience I was able to again in the department was on a higher scale
than compared to the other departments. The working hours here were extremely
demanding and long altogether is was a wonderful experience working here.
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Union Banks Policies for fixed Assets and Depreciation
Materiality
Individual items costing Rs.10, 000 or less will be classified as revenue expenditure
expect where the amount to a material total as part of any single project.
Bulk Purchase of assets
Asses purchased in bulk will be written off to revenue where the gross unit price is Rs.
10,000 or less. Where the gross unit price is in excess of Rs.10,000 the assets will be
capitalized under the appropriate category of fixed asset.
Accounting Policies for Fixed Assets
Assets carrying a unit value greater than Rs.10, 000 shall be capitalized as fixed
assets in the books. Assets carrying unit value equal to or less than Rs. 10,000
shall not be capitalized.
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However, if any assets forming a component part of a main assets, despite having
unit cost equal or less than Rs. 10,000 shall be capitalized, provided that total cost
of such main asset is greater than Rs.10,000.
Assets which are not capitalized according to the rule just mentioned a Rs.1 token
value shall be booked under appropriate had while balance amount shall be
charged off to profit and loss account.
Full month depreciation shall be charged for the assets booked before the 15th of
that month. Assets booked after the 15th depreciation shall commence from next
month. Deprecation rates and method of deprecation shall be in accordance with
the banks standard Accounting Policies.
Monthly depreciation shall be accounted for by debiting related depreciation
expense account and crediting related provision for deprecation account. Written
off assets will be valued as Rs.1 which is known as the token value and shall be
carried till they are disposed off.
At the time of disposal original cost of asset and its up to date provision for
depreciation shall be reversed against the sale proceeds and gain /(loss) shall be
booked accordingly.
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Assets booked as fixed assets should simultaneously be entered in fixed asset
register for physical monitoring.
Asset transfer from one branch to another branch should be properly reversed and
booked in both branches with full cost & provision and also properly existed and
entered in both the fixed asset register.
Types of Fixed Assets & Depreciation Rates
Tangible Assets
Sr# Typed Of Asset Dep. Rate Tenure Of Asset
1. Land 0% Unlimited
2. Buildings 5% 20 years
3. Furniture & Fixtures 10% 10 years
4. Vehicles 20% 5 years
5. Computer and Peripherals 20% 5 years
6. Office Equipment 20% 5 Years
7. Lease Hold Improvements N/A 5 years
Land Includes
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1. Land Freehold
2. Land Leasehold
All expenditure incurred acquiring land and preparing it for use, including the cost of
demolishing existing buildings prior to redevelopment, will be considered as part of the
land cost to be capitalized.
Buildings Include.
1. Building Freehold
2. Leasehold Premises
Cost incurred on the construction of “freehold Buildings” shall include all costs incurred
for civil works, masonry work, basic electrifications, and sanitation and plumbing etc.
For Purchased premised the purchase consideration paid for building shall be capitalized
as “freehold premises”
Where substantial building and construction work is undertaken, all costs pertaining to
the project will be debited. Upon completion the building contractor or consultant will be
required to provide a detailed breakdown of expenditure to enable the balance on the
account to be appropriate categories of fixed asst accounts and revenue expenditure.
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When land and building are purchased as a unit at a single lump sum price, the total cost
be apportioned between land, building and premises fixed equipment. Separate costs will
be assigned to the assets on the basis of their relative market value, which will be
determined by the cost of acquisition as stated in the purchase contract.
Furniture and Fixture Include
1. Furniture and fixture (Office)
2. Furniture and fixture ( Residence)
Vehicles Include
1. Owned Vehicle
Computer and Peripherals Include
1. Computer Hardware
2. Other Hardware Accessories Being Part of Computer.
Qualifying expenditure includes the initial purchase price of equipment, plus any related
establishment costs like carriage, installation etc. Expenditure incurred subsequently
during the life of an asset like related maintenance, insurance etc should be expensed.
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Office Equipments Include
1. Machinery and equipment ( Office)
2. Machinery and equipment (Residence)
3. Telecommunications
4. Air conditioners
5. Generators
6. Other Equipments
Intangible Assets
Sr# Typed Of Asset Dep. Rate Tenure Of Asset
1. Software 25% 4 years
Software Include
1. Computer Software and software development
2. Software License
Cost of Buying in software and or software licenses should be capitalized. Expenditure
Attributable to projects will be capitalized. The expenditure should relate to the
development of an identifiable asset with an identifiable benefit to the business.
Development for this purpose is defined as all activities associated with buying, defining,
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building, modifying, testing and implementing the software including project
management and training. The definition does not include application support and
maintenance activities, nor activities associated with running the software in a production
environment once it has gone live.
Method for charging Depreciation
Straight line method is used for charging depreciation on fixed assets over the useful life
of these assets. The only asset which is not depreciated is land.
Depreciation Accounting
Depreciation expenses will be debited to the appropriate profit and loss deprecation
account, with the corresponding sum credited to a provision for depreciation.
Write-off Asset
Where an asset with a book value is written off ( i.e written down to nil), the remaining
book value of that asset should be charged to the profit and loss account as depreciation,
and included as a fully depreciated written off in the fixed asset schedules.
Fully Depreciated Assets
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When an asset becomes fully depreciated no further depreciation will be calculated. The
asset will be reflecting at W.D.V Rs.1 in the books till its disposal.
Disposal of an Asset
When an asset is sold it is necessary to provide a complete accounting record of the
transaction through profit and loss providing an overall net profit and loss.
Approval fro purchase of a Fixed Asset
Prior approval is required to purchase an asset above Rs. 10 million from the
Management Committee/ Board of Directors.
Asset/vehicle sale/Acquisition
Policy and procedures for Asset/vehicle sale/Acquisition have already been implemented
which covers all the aspects of purchase, sale and transfer of assets and also covers how
to maintain non-financial data in registers.
Audit
Internal Audit shall review and comment on the implementation of policy, Deviations if
any will be considered while deciding the audit rating.
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Capitalization Policy for leasehold Improvements
Cost incurred on branch renovations and developments aggregating cost more
than Rs 10,000 but not been part of fixed assets, should be booked as “leasehold
improvements” and cost aggregating equal or less than Rs 10,000 should be
charged to the profit and loss
Full month amortization shall be charged for the cost booked before 15th of that
particular month and cost booked after the 15th amortization will start next month
Amortization rate and method of amortization shall be in accordance with banks
standard accounting policies.
Amortization expenses should be debited to profit and loss account and credited
to lease hold improvement asset account on monthly basis. Amortization for the
last month shall indicate asset at zero value.
Costs booked as lease hold improvements should be simultaneously be entered in
lease hold improvement register for memorandum record.
No partial cost should be booked during renovation and development of branch.
All costs should be booked at the completion of work. Till that time all expenses
incurred relevant to particular project should be booked in job in progress.
Accounts:
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The financial year of Union Bank is from the 1st of January to 31st December and even has
a half year closing which happens on the 30th of June. All the branches of Union bank
regardless of their locations they have to form the following reports and send it to the
head office in Karachi by the end of each month.
1. Balance Sheet
2. Schedule of all assets and liabilities
3. List of Debtors, creditors, advances and inventories
4. Retained earnings summary
5. Administration and general expenses statement
6. Marketing exp statement
7. Heat, light, power and fuel expense sheet
8. Payroll taxes and employee benefit statement
9. Repair and Maintenance.
Functions of the Accounts Department
1. Maintenance of all records related to the branch
2. Maintenance of fixed assets records
3. Accurate and timely payment of employee payroll funds
4. Maintenance of all expense
5. Creating pay orders ensuring timely payments for services or goods rendered
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6. Ensuring that all accounts are balanced
7. Reconciliation of all bank accounts.
Union banks accounts are audited by Hameed Chaudhri and Co which is chartered
accounts firm. The bank has two types of auditors external and internal. Internal auditors
are sent to unrelated branches to create an audit report on them, teams are made of
internal auditors who are selected from branches in the given region. Once the internal
auditors have completed their task the external auditors come in one of which are
Hameed Chaudhri and Co and auditors from the State Bank of Pakistan.
Union bank is a traditional double entry system and thus forming the very famous
accounting equation Assets = Liabilities + Capital. Accounting entries are made on real
time basis. The journal entries are properly verified and posted to the ledger accounts and
trail balance. There are two types of vouchers which are made one is the payment and
other is receipts and both are recorded accordingly in them.
Responsibilities
As with functions the accounts department has some responsibilities as well which are
1. Purchase
2. Cost Control
3. Payments to Creditors
4. Employee Payroll
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5. Income Audit
6. Main Accounts
1. Purchase
Union Bank in all together does not have any purchase department which is otherwise
known as the procurement department. Every branch Accounts department is responsible
for this activity they have to act as a procurement department for their branch. Two stores
are maintained
1. General Store
a. Printing & stationery
b. Computer supplies
c. Electrical & Mechanical
d. Plumbing & heating
e. Air conditioning and Refrigeration
f. Light & Bulbs.
2. Food and Beverage Store
a. Kitchen Food
b. Laundry of lower staff
c. Tea
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Union Bank maintains a proper computerized system of inventories as soon as any one
items is low the accounts officer will be receiving a warning. As the types of stores there
are two types of Procurement one is the whole year one which is done for
Goods/items/services which are required through out the whole year and other is the
selective which is done once in a while. In both the cases the contract is awarded to the
supplier who manages to bid a price lower than the rest of the bidders.
2. Cost Control
This is another responsibility of the accounts department and that is to reduce costs. In
my time there a very serious issue was raised by the head of accounts and Administration
about the high amounts of phone bills of each department including his own department,
he had come up with an idea of getting the non dialing phones placed with in his own
department on every extension and keeping one dialing phone which would be under his
strict supervision and that was what he had recommended to the other departments as
well saying that all extensions should be non dialing so that phones are not misused and
are kept under a strict check adding that it is not feasible for an organization paying
millions of rupees each year only in phone bills which can be controlled. The accounts
department is constantly on a struggle to reduce cost where ever possible for them to do
so. If we look at the phrase reduce cost or cost control is looks very simple and plain but
in actual it needs a lot of hard work and determination as a whole team of the people who
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are concerned with the issue to join hands and make it happen otherwise the whole idea is
a complete waste of time and energy.
3. Payments to Creditors
These are the payments which are made to the suppliers, against services and contracts.
There is proper producer which is to followed before any payment is made by the
accounts department to the supplier or creditors.
a. Comparison of the purchase order with the supplier invoice to ensure that
item, amount and date and everything checks out perfect.
b. Generation of an expense voucher is made to ensure that entry is passed
on the books as well the system of Union Bank ensuring a balanced
account.
c. A creation of a pay order or cheque is done after deduction of tax from it
d. Once this is completed then the delegated authority in this is the head of
accounts verifies everything and gets it approved by the regional head.
e. After the approval by the regional head the pay order or cheque is given to
the supplier or creditor.
4. Employee Payroll
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The Accounts Department has the responsibility of making salary payments to the
employees of Union Bank. Like any company there are two types of employees
permanent and contractual. The contractual employees do not get any benefits as the
permanent do. The biggest benefit that the permanent employee gets is job security and
medical allowance. The employee can withdraw amounts up to Rs.20, 000 in one year if
they are married and Rs.10, 000 for unmarried. Loans against provident funds are also
calculated and given from this department to employees, convince allowance and rental
allowances are given or can be reimbursed from here as well.
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Credit Administration Department (C.A.D)
This department is also known as the Risk Asset Management (R.A.M) in various banks.
In a nut shell the purpose of this department is to approve the loans which are given by
the S.M.E (small and medium enterprise) and C.B.G (Corporate banking group). R.M`s
of both S.M.E and C.B.G find the clients to give loans to or other facilities and these are
then forwarded to C.A.D who then evaluate the value of the collaterals, verify credit
histories and get legal opinions and then approve what ever facility the client has applied
for.
I had interned in this department for a full week in which I was able to gain a lot of
knowledge which I could have not gained form any text book. It is all thanks to Mr. Bilal
Zaid who is a Risk Manager there that he explained to whole process in such a through
and proper manner.
While I was there I had checked many charge documents, title documents, evaluation
reports and insurance policy. All these things are properly described in the pages to come.
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My time here was the most interesting and by far this was the department I was able to
gain the most knowledge in one week than compared to the other five weeks.
Types of Financing
1. Direct Financing (Funded Facility): This type of financing is when actual cash
is given to customers or clients. Examples would be Current Finance
2. Contingent Financing (Non-Funded Facility): This type of lending does not
have any transfer of cash to customer in simple it is any liability that may or may
not arise. Examples would be Letter of Credit
Any type of loan which ranges from rupee 10,000 to rupee 500,000 is known as a clean
loan. This is because since no type of collateral is needed in order to get this loan there
examples are credit cards personal loans car finance and anything that is up to Rupees
500,000.
Any loan which is above Rupee 500,000 has to be approved by the Credit Administration
Department. For loans above rupee 500,000 some sort of collateral is needed to serve as a
guarantee in place of no return of the funds borrowed by the client.
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Credit Approval Process.
Once a person comes to the bank to get a loan above rupee 500,000 the first thing that has
to be checked is if they fall in Branch Banking, SME, Retail or Corporate. A designated
Relationship Manager would first evaluate the client if the loan should be given to them
or not. Now the RM would get all the needed information from the client and hand it to
the C.A.D department. This is when the real working of the C.A.D starts they shall first
get a report from the Credit Information Bureau (C.I.B) which is located in Karachi and
is regulated by the State Bank of Pakistan. This is a proper Data base of all the people
who have ever taken a loan. It would have detailed information about there previous
loans and payments of the loan and installments.
If a client has a bad record his loan will not be approved until he provides 100% cash
collateral for the loan which will be taken. The Banks policy is to safe guard their money
first no matter what. Once the C.I.B checking is done a credit approval is made by the
Relationship Manager.
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Types of securities
1. Property
2. Government Securities
3. Fixed Assets and Accounts Receivables.
It is the banks policy that only 70% to 90% will be lend out of the value of the security.
1. Property
In order to give your own personal property as a form of security, the first and foremost
thing that shall be required will be all the title documents a few of them are listed below
1. Sale deeds
2. Connivance Deeds
3. C.D.A Site Map
4. Transfer Letter
Once all of this is received all these title documents are photocopied and sent to lawyers
in the case of Union Bank the lawyers are Khan and Paracha who are the official firm
which deals with all legal work of Union Bank. When the documents are sent the firm
does all the checking of the documents and gives an O.K or can even ask for more
documents which should all so be a part of the title documents. If the lawyers say that this
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document is required then the bank can not give out any loan with out having that
document.
Now the people who work in the bank are no experts in evaluating property so they have
proper evaluators who do this Job for them. Now a person can come up and give all his
documents and say that his property is worth Rupee 50 million which in reality is not
true. In order to protect themselves from this kind of Fraud the bank get the property
evaluated. Just to save themselves from any kind of other frauds which might arise in the
process of evaluation the property the Bank gets the property evaluated by two separate
firms just to make sure that no forms of bribery or other kinds of frauds haven’t taken
place between the client and Evaluator.
These Evaluators come up with four forms of prices
1. Market Value: This value is the value which one is able to get by selling the
house in no rush or hurry. When a seller waits for the best bidder to sell too.
2. Forced Sale Value: This is the value which a seller may get if the seller is in no a
rush and is not able to wait for the highest bidder of the property
3. Land Value: The value of the land
4. Building Value: Value of the construction on the plot.
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The loan which is given out will be on the forced sale value of the property and only up
to 75% of the value of the forced sale value will be give out in the form of a loan. The
Bank make sure that they are covered in all way possible and that they will not have to
bear a loss.
After the completion of the Evaluations the Bank shall ask the client to get the property
insured.
For the insure process the client must first show a Premium Payment Receipt (PPR)
which is the most essential document in the insurance process. After the receipt comes
the insurance policy deal. This is a document which states 5 things
1. Amount being Insured: The amount for which the insurance is done
2. What is being insured: What part of the asset is being insured, the land or
construction.
3. Favoring: Who is being insured, Union bank should be insured in all cases
4. Which Clause of insurance it covers: There are four clause of insurance A, B, C,
D. A covers the most kinds of damages, earthquakes, fire and so on, B covers less
and that’s the way it goes till D.
5. Time and date of policy becoming effective and expiry:
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The insurance and the monthly payments are all paid by the client the bank shall not pay
a penny for the whole process. The interest rates are calculated on a Daily Product Basis
which is
Principal x Rate x Time
36500
2. Government Securities
These securities are known as cash collaterals as well since they are very liquid assets
and can be very easily converted into cash. Examples of these securities are Defense
Savings certificates (D.S.C), Regular Income Certificates (R.I.C) and Special Savings
Certificates (S.S.C).
When this type of security is being done there are two main essential documents which
are needed.
1. Authority to Mark Lien.
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2. Encashment Certificates.
With out these two certificates the bank can not give out the loan the Authority to Mark
Lien gives the right to the bank to hold legal possession over the documents and
encashment certificate allows the bank to convert the Bonds into cash incase the client
defaults. A client is able to get up to 90% of the value of his bonds as a loan from the
bank. This type of security is 100% cash collateral.
It is the most simple and quickest since very little paper work is needed to be done in this
and the bank feels at easy by this kind of security. All forms of agreements have to signed
on Charge Documents which is a paper with 2 rupee stamps on it this is extermily
essential since if there are no charge documents we can not claim anything from the
client if they ever default. All the papers which we might have of there’s will be useless
with out the charge documents, The Bank cant even go to court if the charge documents
are missing. Charge documents have to be signed for all kinds of loans clean or collateral
loans.
3. Fixed Assets and Account Receivables
The process and form of this type of security is the exact same of the Property.
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Non-Funded/Contingent Facility
Two main things come into this
1. Letter of Credit
2. Letter of Grantee
1. Letter of Credit
A letter of credit is used by importers and exporters for example xyz a person comes to
bank and he wants to import goods from New York. He would have to use the services of
a bank to import the goods. In this case Union Bank will be the bank who will provide
the services. Union bank will be the Opening Bank. The Bank will open a LC thus
making Union Bank the bank of the importer. Like the importer the exporter will also
have a Bank and for example his Bank is Abn Amro in New York and that will make that
bank the negotiating bank.
The first thing that Union Bank would require would be a Performa Invoice. A Performa
Invoice is a document which states the prices and items which are to be imported by the
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importer. This document shall be sent by the exporter’s bank. Now the LC is open and
the second step in this process is that the exporter gets the goods insured and does all the
other paper work which is needed. As soon as the goods sent to the importers country
which is Pakistan in this example the exporter will receive a document which is know as
the Bill of Lading (if sent by sea) or Airways Bill (if sent by air). The exporter will be
able to claim his money from his bank as soon as he hands over this document. Once the
bank gets this document they shall send this document to Union Bank. Almost every
bank has a Nostro account (Our account with them) and a Wastro account (their account
with us). A Nostro account is an account which holds a part of the Banks foreign
currencies. Union Bank has a Nostro account in New York. Some one has to pay Abn
Amro back since they have made the payment to the exporter, what Union bank will do is
that it will tell Abn to debit there Nostro account as soon as the receive the Bill of Lading
or Airway Bill.
By the whole process by now the exporter has been taken out of the equation and so has
been the Bank of the exporter, what left behind is the importer and Union Bank it self. As
soon as Union Bank receives the Bill of lading or Airway Bill they shall call the importer
and inform him that his document has reached. The importer will have about 5 to 7 days
to pay the money to the bank after the arrival of the Bill. If he fails to pay with in 7 days
21% interest will be charged per day until payment is made. Even in this case the bank is
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fully covered from every where. The goods are in the possession of the Bank and they
can sell them and regain there money.
The example above talks about a Site LC, the most common of all the LCs is the Site LC
and then there is the Usance LC. The difference between the two is that in Usance the
provider of goods can give a credit to purchaser of goods. It could be 60 days, 90 days
depending on what the seller or provider wants to give.
2. Letter of Grantee
This is a grantee which is issued by the bank to another organization or person on behalf
of the banks client or clients that they will pay up and if they don’t pay the bank will pay
on there part. Recently PTCL was having problem with Chinese nationals living in
Islamabad, the problem was that these people used to get telephone connection and would
make international calls and go back to there home country with out making the payment
of there phone bills. So what PTCL did was that all foreign nationals had to get a bank
grantee in order to get international dialing open on there phone connections.
The minimum grantee was of rupees 50,000. The Banks policy was to take 100% margin
from them which meant that they had to deposit full 50,000 in order to get the grantee.
The main things in this agreement are
1. Amount: How much is the grantee for
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2. Date of issue: When is the start date
3. Who it favors: In whose favor is it
4. Date of expiry: When the grantee finishes
5. Claim Lodgment Date: Once this date expires the company or person is not able
to claim anything from the bank.
Credit Policy
Union Banks credit process is decentralized but guided by centrally established credit
policies, rules and guidelines continuing a close to the market approach to credit
initiations with corporate level direction.
Organization
Credit policy is a corporate entity that functions through the Credit Policy Committee
(CPC). The CPC is headed by a chairman and has three other members at present the
CPC is accountable to the board of directors of the bank.
Responsibilities
The CPC functions to oversee risk and to temper and shape the lending activities by
Establishing credit policies and corporate standards that conform to local
regulations
Maintaining a sound and effective and an effective Risk management architecture
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Participating the portfolio planning and credit loss forecasting
Keep aggregate credit risk well within the banks risk taking capacity
Appointing senior credit officers and grant credit approval authority to skilled
and adequately qualified officers.
Supervise Risk Asset Review (RAR) process and provide guidance, direction to the
line management to rectify portfolio and process anomalies.
The chairman, credit policy committee is responsible for periodic reports to the both,
Management committee and the Board through its sub-credit committee. Such reports
may include but not limited to
1. A summary of policy exceptions that represents significant policy reports
exceptions.
2. Portfolio reviews emphasizing quality assessment, risk profiles, tenors,
concentrations and any such excesses over limits.
3. Significant portfolio indicators and problem credits consistent with
Board’s guidelines and regulatory requirements.
In the execution of its various responsibilities, the CPC exercises its write through the
Country Risk Management Group, which for these functions directly reports to the
President and CEO.
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Financial Institutions
With in the Union banks structure, Financial Institutions (Fis`) is a separate Business
Group set up to deal with matters relating purely to Fis` such as banks, development
Financial Institutions, leasing companies etc. These matters include setting up lines of
exposure that may comfortably be underwritten on Fis` establishing relations with foreign
as well as local correspondents and taking credit exposure on them.
Business Groups
It shall be the responsibility of each Business Group (C.B.G, S.M.E and Retail Banking
Unit) to identify its own target market and establish risk acceptance criteria. While doing
so the geographic location of the individual units, close proximity of specific
industries/business activities, desirable names, healthy financial state of affairs of
businesses, performance of a particular sector etc shall necessarily have to be taken into
consideration, it will thus follow that the target market of Location A may differ from the
location of B, location Bs from location C and so on. It also follows that target market
will be open to periodic reviews and revisions. It shall be up to each business group to fix
the frequency with which it wants review these target markets. The advantages of
periodic review are numerous.
Two of the very important ones are
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1. Marketing efforts will be focused and more energy will be spent on marketing
more desirable names rather than vice versa
2. Less time will be wasted on adventures where internal approvals shall seldom be
forthcoming.
It shall be essential to obtain approval of these target markets form the country risk
manager before implementing them.
Corporate Banking Group (C.B.G)
Any borrower with aggregate borrowings in excess of Rs 50 million or with an annual
turnover of Rs 250 million plus, qualifies to be booked under the corporate banking
group umbrella. If any constituent of a group of borrowers falls into this category
regardless of whether the others do or do not, shall also qualify to be booked under the
corporate umbrella. However, where the exposure is 100% cash collateralized regardless
of the bottom limit and has been marketed by CBG, such exposure shall be retained by
them. Cases falling in the borderline areas but otherwise in the Small & Medium
Enterprise Group domain should the relationship niceties demands particular handling
shall be domiciled under the CBG.
Small and Medium Enterprise Group (S&MEG)
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Borrowing relationships with aggregate borrowings of less than or equal to 50 million or
with an annual turnover of less than Rupees 250 million shall be domiciled at the
S&MEG. Should any constituent of a group of borrowers breach these limits, that entire
group shall be transferred to the CBG for specialized handling of the relationship
commensurate with their size and requirements. However cases falling in the borderline
areas but otherwise in the CBG domain, should the relationship niceties demand
particular handling, shall be domiciled under the S&MEG. Where the exposure is 100%
cash collateralized regardless of the upper limit and has been marked by the S&MEG,
such exposure shall be retained by them.
Consumer Banking Group
This business group is involved with underwriting more of a consumer oriented risk. This
may include credit cards, loan products to individual. Consumer finance, vehicle finance,
mortgage finance, etc. The consumer Banking group has formulated its own risk
acceptance criteria and have designed specific product programs for risk assets
acquisition. The competent authority of the bank shall approve shall programs.
Audit Division
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Their sphere of activity and responsibility is to monitor the banks activities at the branch
level, credit included, to gauge the level of adherence to pre-set rules and policies of the
bank, and the rules and regulations that have been imposed and or maybe imposed by the
State Bank of Pakistan form time to time.
Corporate Department
The corporate department is like the big brother of S.M.E. The market of corporate
customers is very small and most of the customers or otherwise known as the big players
have very strong relationships with other banks. The problem with Union bank is that the
interest rates which they charge are very high. Bank Alfalah which is in direct
competition with union bank has very low interest to offer and its not only them other
banks have low rates compared to Union Bank due to this Union Bank compared to other
banks has a very limited cliental. There are about 40 to 50 in total in Islamabad but in
other cities the cliental is lager.
I had spent a full week in the corporate department in which I was mostly doing reviews
of financial spreads of Fauji Foundation. My tasks were fairly simple and could have
been easily achieved with accounting knowledge about assets, liabilities, debtors and
capital. I had to write a report on the changes in the balance sheet of Fauji Kabarwalla,
Fauji Bin Qasim, Fauji Fertilizers and Fauji Foundation. I was able to complete a
company a day. Mostly it was the comparison of two years of financial data given to me,
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once the comparisons were done I wrote detailed notes on the changes in all the items of
the balance sheet and profit and loss statements. These were then checked and then
discussed with my boss Ahsan Gaylania who is a Corporate Relationship Manager.
Since this data was very essential to him he wanted everything to be very detailed and
correct he gave me extra notes and reasons for decreases and increases in almost all the
items on the Balance Sheet and Profit and Loss statement, there were many reasons like
selling of shares, payback of long term loans, taking up of new loans, increases in sales
and better production methods. Once getting hold of the other data I formed reports on
MS Word and then attached them on to the respective files. While working in the
corporate department I learned how to fax.
OPI (Orient Petroleum Limited) one of the banks biggest client, had a cash management
(discussed later on in this department) they would send us faxes of transfer of funds
which then after being approved by boss had to faxed to the banks signature verification
personal who then made sure of the fund transfers were made.
Once a problem had occurred that OPI branch in Saudi Arabia had sent a fax of funds
transfers and the sign came out to be faulty no one could be 100% sure that if it was the
correct one or not so the fax was sent to the office in Islamabad and then it got O.K from
there and the transfer was made. One has to be extremely careful since these transfers of
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funds are in millions and billions of rupees and a wrong transfer could cost the Client a
heavy loss thus leading to an unsatisfied client which would lead to the loss of the bank
as well. I was assigned to fax these documents of fund transfers, once approved by my
boss, to the concerned person in the bank and then maintaining an already made OPI file
for all types of fund transfers.
The Corporate Department of Union bank of Islamabad is very small they don’t even
have a team leader or a head; it is directly answerable to the authorities in Lahore where
the regional head sits. Recently they were having trouble in negotiating new loans and
other facilities which they have to offer and which were needed by Mobilink, even being
one of the oldest clients of Union Bank they were refusing to take any new loans from
them since the interest rates which were being offered by Union Bank are very high. The
biggest trouble that Union Bank faces is that its cost of fund of lending is very high
compared to other banks. Bank Alfalah had already made an offer to Mobilink of loans at
cheaper interest rates than Union Bank.
In my time in Union Bank Corporate Department I had also learned to how to do filing,
arranging files and even photocopying. Corporate Islamabad has Fauji Foundation, OPI,
PTC, PMCL, Kohinoor Textile Mills, Marriot, Best way Cements, Amsons, Kamran
Hamid, Karkurum Enterprises and PTCL as the major clients of the bank. Out of all of
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these Fauji Foundation is the biggest in total the whole Fauji has about Rupees 1 billion
of Union funds with them in all forms of loans.
There are three types of clients
1. Active
2. Non Active
3. Depositors
Textile, sugar, leather, pharmaceutical, fertilizer, petrochemical, power, automotive,
telecommunications, oil and gas distribution, marketing and refining and fast moving
consumer goods industries. These are mainly the industries Union Bank works with in
other words they try to maintain these industries as there target market.
Union Bank offers a full range of financial services to support and meet all the needs of
its clients. Each solution is tailored to meet the specific business objectives. By
combining knowledge about the requirements with our own expertise in trade and your
industry, the bank ensures that the client receive a solution that directly addresses the
business objectives.
Services Provided
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Working Capital/Term Loan
Loan Structure & Syndication
Trade Services
Guarantees
Cash Management
Working Capital / Term Loan
The corporate Relationship Manager work very closely with the client to better
understand the dynamics of the business so that the Relationship Manager is able to
anticipate and serve short-term and long-term funding needs in the most efficient manner,
drawing from the full range of the Banks resources and capabilities. To service the
financial needs and help the client to operate effectively and efficiently, Union Bank
offers a variety of working capital financing facilities. In addition to standard Running
Finance and Term Finance products Union Bank offers various types of short term loans
and facilities which are tailored by Relationship Manager to provide maximum value to
clients by meeting their needs and capabilities.
Structured Finance and Syndications
Union Bank is an active player in the syndicated loans business. There strength in loan
syndications stems from there ability to forge strong relationships not only with
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borrowers but also with bank investors. Union Bank helps borrowers meet substantial
financing needs by enabling them to reach the banks most interested in lending to their
particular industry, geographic location and structure through syndicated debt offerings.
Trade Services
Union Bank offers a full range of documentary letter of credit services as well as
discounting and reimbursements to support any or every part of the trade transaction.
Experienced personnel use their specialized expertise to innovatively structure the trade
transactions and process, daily trade transactions, and have end-to-end responsibility for
the letters of credit, reimbursements, negotiation of documents, and inquiries. They also
handle export guarantee transactions and government donor flow intermediation. Union
Bank can provide clients with trade related facilities, for an appropriate period, in line
with the working capital cycle, to assist clients in financing their imports/exports.
Guarantees
Union Bank issues the following types of guarantees depending on the needs of the
customers:
Tender Guarantees (Bid bonds)
Performance Guarantees
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Advance Payment Guarantees
Financial Guarantees
Open ended Guarantees
Back-to-Back Guarantees
Cash Management
With a branch network of 42 branches spread throughout the country, covering every
major city of Pakistan, Union Bank has undoubtedly become one of the most progressive
and well-networked banks in Pakistan. Union Bank has also invested heavily in
information technology resources, which has now allowed the Bank to develop one of the
most comprehensive and advanced systems available. With the help of this system, Union
Bank has now achieved an "online" status via real time facilities and features available
through our nation wide network. With a team of highly qualified professional, Union
Bank is able to use its real time system resources to provide customers with a
comprehensive account of their transactions on a daily basis. With the new improved
system, Union Bank is able to map all transactions and is able to provide all necessary
details to their cash management clients.
Cash Management Services
1. Cash Collection
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The concept behind this product is to facilitate customers with a large network of sales
out lets/distributors in collection of cash sales proceeds and transfers of funds into a Main
Collection Account that will be maintained at Union Bank Limited. The customer has the
ability to choose from any branch they want to.
2. Collection of Cheques/receivables
Collection of sales proceeds in the form of cheques/pay order/demand drafts etc and same
will be cleared from the region where these instruments will be deposited. By using this
one is bale to save on time and money.
3. MIS reporting
Union Banks cash management program has the capability to generate customized MIS-
Reports as per the requirement of the customer and his given format. These reports can be
electronically communicated to the office of the customer on a daily basis and there is no
cost for doing this. The Bank has the capability to capture maximum data that will
facilitate the reconciliation of funds received from various network points.
4. Drafts/pay orders for payments, salary and other Operation Disbursements
This product envisages outward bulk transfer of funds processed through a set of
instructions via email or through a Diskette.
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5. Salary Disbursements and Employee Benefits
By a company using this option employees of that company will have the option of
maintaining salary accounts with in the bank. In addition the following will be available
to the employees
1. American Express Credit Cards
2. Personal Loans
3. Other Bank Facilities
4. Home Loans
But this is subject to the prescribed qualification criteria for corporate group clients.
6. Intra-City Payments
This product gives the client/customer the flexibility to make payments (demand Drafts
and pay orders) at designated cities the same day upon receiving instructions from the
customer or client to the Cash Management Unit. These instructions may be
electronically communicated to Cash Management Unit for immediate execution at any
of the designated branches across Pakistan. Subject to the availability of Funds in the
account of the client.
7. Cheque Payments
Payments can be effected through, cheque i.e payable within our network through your
one account subject to availability of funds and or limits if any.
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S.M.E
I was able to spend one day in the S.M.E department in which half of my day was on a
client visit with Syed Saad one of the S.M.E Relationship Managers. He took me along to
give me some out of office experience and to show me how client dealing is done. The
client who went to visit was Sun Foods, they are the sole importers and distributors of
Hagen Daz and of so many other very extremely quality products. My boss for the day
wanted to get some information on the client back ground, partnership and various other
information. Mr. also wanted to talk about the credit line enhancement which the client
was asking.
The S.M.E department is like any corporate department of any bank. The only difference
that S.M.E and corporate have is that corporate has a lending limit which is very high one
could say almost unlimited and S.M.E has a limit of Rs.50 million. According to State
Bank of Pakistan the bank can lend up to Rs 75 million but the Board of Directors of
Union Bank decided not to loan out more than Rs.50 million, increases in loans are made
on client basis if the client is an old client his needs shall be taken care off till the limit
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assigned by the State Bank of Pakistan. The motto of both S.M.E department and
Corporate is “Our focus is simple and straightforward; we start by making your targets
as our business goals to form the strategic corner of our partnership”. ”Your business
problems are our business problems”.
Union Bank has handpicked a group of highly trained and professional individuals to
form an exclusive Small & Medium Enterprises (SME) Group for personalized service to
companies. SME Group strives to apply a unique blend of finance, industry and
technological expertise to keep pace with dynamic markets and translating insights into
solutions that meet the clients or prospects client’s diverse financial needs.
Each Regional Head is supported by a team of talented and well-trained Relationship
Managers who act as financial consultants to the SME customers to understand and offer
them a result oriented package to their financial needs. A typical SME customer would be
a proprietorship/ partnership/company.
Eligibility Criteria
In order to become a S.M.E client of Union Bank the client or customer should meet the
following requirements.
Has an Annual Turnover of less than Rs. 250 Million.
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Requires financial assistance for Working Capital Lines, Term Loans, Bridge
Financing, Underwriting, Export Refinance, Bank Guarantees and full menu of
Import & Export related credit and processing facilities.
Would like to place surplus liquidity, generated through its own sources, for
added income.
Is interested in wealth management of savings of its Proprietor/Partners/Directors.
Currently the F-7 branch has 250 clients. The highest rate of interest on term loans which
is being charged is 18% and the lowest is 7%. The higher the risk that a client won’t pay
back the higher the rate of interest on them. If 100% cash collaterals are given as security
the interest rate is sure to come down to about 7%.
Lending
In S.M.E there are two types of lending. One is Funded lending and other is non-Funded.
Funded
1. Running Finance
2. Term Loans
Non-Funded
1. Letter of credit (L.C)
2. Letter of Guarantee (L.G)
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Credit Package
When making a credit package the R.Ms (Relationship Managers) have to make sure that
the below mentioned 14 points, which are very essential documents must be completed.
1. Credit Approval (C.A)
2. ORR ( Obligor Risk Rating)
3. Basic Information Report (B.I.R)
4. Management Assessment Form
5. Financial Spreads
6. Financial Projections
7. Credit Memorandum
8. Target Market
9. Prudential Regulations Compliance Checklist
10. Credit Information Bureau (C.I.B)
11. Bank/Market Checking
12. Register Checking/ Search Reports
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13. Covenants check list
14. Account Profitability/ Account Plan
Conclusions
My six in Union Bank which started from the 14th of June and ended on the 26th of July
gave me proper experience of what banking is like and how the real world Job is like. It
was a most knowledgeable experience. From the Accounts department to any other
department where I interned I loved it. Every department had its own charm and its own
environment which I missed as I got rotated.
By my experience I think I joined and did the internship at the best time I had a complete
balance of knowledge and expertise which was needed to full fill the tasks which were
given to me. I think the only short fall I might I have was that I needed to stronger
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concepts of accounting but I would not blame my self was wanting to have them due to
complex nature of the tasks which were given to me there.
Credit Administration department was all about gaining knowledge as mentioned by be
earlier in the C.A.D department no text book would have been able to help me in this.
After gaining the knowledge which I did I applied it properly and my bosses were happy
with my fast learning ability.
I spent a whole week in the audit department my work was not that hard there but simple
I was working directly under Tahir Gulzar Malik who is the regional head of Audit
department. I helped him compile and write a Audit report on the S.A.W.T branch about
which I did not mention anything cause I felt that it was purely confidential information
of the bank.
I really wanted to learn a bit more in the Corporate department but the level of work was
very complex and beyond my understanding and being only to people running the show
in this department both of them did not have enough time to teach me much. But still I
was able to get an idea about what it is all about.
In total it was a wonderful experience which I enjoyed a lot.
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Reference
1. Adnan Haider: Country Head Priority Banking and Branch
Manager
2. Farooq Ahmed: Customer Relations Manager
3. Tanveer Iqbal: Head of Administration and Accounts
4. Ahsan Gaylani: Corporate Department Relationship Manager
5. Murtaza Qadir: Corporate Department Relationship Manager
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6. Syed Saad: S.M.E Relationship Manager
7. Tahir Gulzar Malik: Regional Head Audit Department
8. Bilal Zadi: Risk Manager
9. Muhammad Hanif: Credit Administration Manager
10. Murtaza Qadira: Head Credit Administration Department
APENDIX Download from www.ustbannuinternshipreports.wordpress.com Page 59