UNB aims at doubling its Share capital

Union-National-BankOn Wednesday, Abu Dhabi listed Union National Bank's chief executive said that over the next five years, Union National Bank plans to more than double its share capital base to 5 billion dirhams ($1.36 billion).

As per the Reuters data the bank's paid-up capital as at Dec. 31, 2009 stood at 2.1 billion dirhams.

Chief Executive, Mohamed Nasr Abdeen added that to increase its capital, UNB received shareholders accepted on Tuesday. The chief executive said without elaborating further that the bank has the capability to increase capital through different ways.

Shareholders will also get dividend10% bonus shares that would increase the paid-up share capital of the bank by 206 million dirhams.