The General Bank of the United Arab Bank approved the increase in its capital
Sharjah, on March 6 / WAM / The General Assembly of the United Arab Bank approved, during its meeting today, at the headquarters, headed by Sheikh Muhammad bin Faisal bin Sultan Al Qasimi, Chairman of the Board of Directors, the proposal of the Board of Directors to increase the bank’s capital by issuing subscription rights with an amount exceeding one billion and 31 million dirhams, with the aim of strengthening its financial position and enabling its capabilities to meet the requirements of the next stage.
The subscription rights will be offered after obtaining the necessary approvals from the competent supervisory authorities.
Sheikh Muhammad bin Faisal bin Sultan Al Qasimi said: The financial performance achieved by the United Arab Bank during the year 2024 reflects the success of the growth strategy and the strength of the bank’s basic business model, as it confirms its firm commitment to providing a long -term value to shareholders.
He added that continuing to focus on digitization and innovation reshapes the features of the future of banking services, which improves the bank’s digital capabilities and excels its operational operations and pays continuous development in efficiency and provides added value to customers.
It is noteworthy that the “Abu Dhabi Securities Market” assumed the management of the meeting’s effectiveness in accordance with the agreement to provide the services of the registry secretary signed between the two sides.
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