The board of directors of Abu Dhabi-based Union National Bank (UNB) has recommended 20 per cent share dividend and 20 per cent cash dividend for the year ended December 31, 2007.
The bank has convened the annual general meeting of its shareholders to be held on March 5 to approve the board recommendations.
UNB will increase its share capital by 20 per cent by the issuance of the bonus shares.
Earlier this week, UNB’s CEO said the bank is looking at acquisition targets to enter at least one other Gulf market this year.
Abu Dhabi’s fourth largest lender by market value saw profit rise 17 per cent last year to Dh1.18bn, spurred by economic growth. “Our growth is sustainable and we expect to achieve similar growth of around 17 per cent or more in 2008,” a news agency quoted Mohammed Naser Abeen as saying.
UNB to pay 20% bonus and 20% cash dividend