UNB plans to double share capital
Abu Dhabi, March 31, 2010
Abu Dhabi listed Union National Bank plans to more than double its share capital base to 5 billion dirhams ($1.36 billion) over the next five years, its chief executive said on Wednesday.
The bank's paid-up capital as at Dec. 31, 2009 stood at 2.1 billion dirhams, according to Reuters data.
'We want to give more strength for the bank to play a big role and participate in mega projects,' Chief Executive, Mohamed Nasr Abdeen told Reuters by phone.
UNB received shareholders approved on Tuesday to raise its capital, he added. The bank has the flexibility to raise capital through different means, the chief executive said without elaborating further.
Shareholders will also receive dividend of 10 percent bonus shares that would increase the paid-up share capital of the bank by 206 million dirhams. - Reuters