Middle East Economic Survey

VOL. XLVII

No 43

25-October-2004

REGIONAL BANKING

UAE Union National Bank Allows Foreigners To Own Up To 40%

The UAE Union National Bank (UNB) board of directors on 13 October agreed to allow foreigners to own up to 40% of the banks equity shares. An extraordinary general assembly meeting is to be held to secure shareholder approval for a 10-to-1 stock split. Jointly owned by the governments of Abu Dhabi and Dubai, the bank was set up as a public joint stock company in...