UNB 100 million RI oversubscribed

ABU DHABI — Union National Bank (UNB) received an overwhelming response from its individual shareholders over its right issue as it was oversubscribed by 173 per cent, said UNB Chief Executive Officer Mohammed Nasr Abdeen.

By A Staff Reporter

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Published: Mon 12 Sep 2005, 10:51 AM

Last updated: Thu 2 Apr 2015, 5:49 PM

"We launched a right issue of 250 million shares last week, out of which 150 million shares were allocated to the government while 100 million shares were offered to general public. And against this offer to general public we received applications for 173 million shares, which is

phenomenal", Mohammed Nasr Abdeen told reporters after inaugurating first of the 22 banking centres in Emirates Post offices across the UAE.

He said that UNB took the privileged to be the first company to refund the subscription money to the unsuccessful shareholders, to refund it next day, while it paid three per cent interest on the amount.

Earlier, a ceremony was held at the Tourist Club post office to open the UNB banking centre. Abdalla Al Daboos, Director-General, Emirates Post, and Mohammad Nasr Abdeen, CEO, Union National Bank, performed the formal ribbon cutting to open the centre.

Also present at the function were senior managers of Emirates Post and Union National Bank, VIPs and UAE dignitaries, as well as a crowd of Emirates Post and UNB customers.

The opening of these 22 banking locations heralds a new era of customer convenience and friendly banking services in the UAE. Customers can now avail of a friendly, relaxed atmosphere whilst banking, with a range of banking services and state-of-the-art electronic facilities, including ATM machines and Internet banking — close to their home or work place.

UNB’s pay offices will remain open for extended office timings —from 8:30am to 12:30pm and 5:30pm to 7:30pm in the evenings.

The entire look-and-feel of the UNB offices at Emirates Post locations as well as the product offering have been specifically designed to reflect a friendly and caring approach for the customer.

"The introduction of banking services at post-offices is an assertive move by Emirates Post to push ahead with its diversification programme. We believe this important step will take us closer to our goal of making post-offices one-stop shops for multiple public services, with a focus on quality and efficiency," said Al Daboos, after the opening ceremony.

"The selection of Union National Bank as a partner for launching banking services at post offices was inspired by our belief that UNB demonstrates a spirit of innovation and creativity in introducing good products to consumers," Al Daboos added.

"This partnership marks the start of a fruitful, long-term relationship between Emirates Post and Union National Bank, and in the months to come consumers can expect full-fledged banking services in some post-offices and ATM services in others."

Mohammad Nasr Abdeen, CEO, Union National Bank, commented, "The UNB has taken a big and innovative step towards making banking easier and friendlier for everyone in the UAE."

"The UNB’s presence in 22 Emirates Post locations in the first phase as well as the innovative product offering through ‘UNB Easy’ services now means that a new standard is being set in terms of a friendly approach towards banking," he added.

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