The branch's permitted activities include accepting deposits and providing and arranging of credit facilities within the QFC to wholesale customers. UNB is the first bank from the UAE to achieve this unique status.
This marks another milestone for the bank shortly after securing China Banking Regulatory Commission approval to set up a UNB Representative Office in Shanghai.
Mohammad Nasr Abdeen, UNB's Chief Executive Officer pointed out that both Qatar and the UAE are amongst the fastest growing economies in the region.
UNB aims to capitalise on the opportunities presented by the expanding economy of Qatar, which is well supported by the excellent regulatory infrastructure of the QFCRA, he added.
Mr. Abdeen indicated that UNB already had a presence in Egypt through the acquisition of ACMB (since re-named Union National Bank-Egypt) and is currently reviewing a number of investment opportunities across the MENA region.
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Union National Bank secures banking licence from the Qatar Financial Centre Regulatory Authority
- United Arab Emirates: Tuesday, March 11 - 2008 at 07:36
- PRESS RELEASE
Union National Bank (UNB) received approval from the Qatar Financial Centre Regulatory Authority (QFCRA) to set up a branch in the Qatar Financial Centre (QFC).
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Notes and media contacts
About Union National Bank:Union National Bank (UNB) is a public joint stock company incorporated under the laws of the United Arab Emirates in 1982. UNB operates through a wide network of branches and over 100 ATMs throughout the UAE. UNB is present in the Arab Republic of Egypt through its 94.9% owned subsidiary Union National Bank, Egypt (formerly known as Alexandria Commercial and Maritime Bank) which has 9 branches in Egypt.
UNB has two other subsidiaries. (1) Union Brokerage Company (UBC) which provides brokerage services for customers trading in shares and securities on Abu Dhabi Securities Market and Dubai Financial Market. UBC operates from state of the art offices which are located in Abu Dhabi, Dubai, Al Dhafra, Al Ain and Fujairah. (2) Al Wifaq Finance Company (AWFC) an Islamic Finance Company which offers Shari'a compliant products and services to tap the growing Islamic banking market.
UNB is the only bank in the UAE which has significant shareholdings by the Governments of both Abu Dhabi and Dubai. The major shareholders of UNB are the Finance Department, Government of Abu Dhabi (40%), Abu Dhabi Investment Council (10%) and the Government of Dubai (10%). The remaining 40% of the shares are held by the general public. The shares of UNB are listed on the Abu Dhabi Securities Market.
UNB has adopted the total quality management concepts and methodologies, quality management systems and a business excellence framework. A strong testament to this was when the Bank won the 2004 / 2005 Sheikh Khalifa Excellence Award, Gold category and the 2005 Dubai Quality Award in the financial sector.
In 2002, UNB became the first bank of its size in the Middle East to be ISO 9001:2000 certified across its entire operations in the UAE by Lloyds Register Quality Assurance for its Quality Management Systems under the terms set out by the United Kingdom Accreditation Service - UKAS - scheme. This certificate was renewed during 2005 and the bank is poised for recertification during 2008 demonstrating commitment to Quality and continuous improvement.
To find out more about Union National Bank and the services and products offered please visit one of our branches or log on to our website.
For more information:
Maha Mahmoud Karara
UNB
Ph: 02 698 4809 (Dir)
Fax: 02 6741600
Or
Brian Carvalho
Asda'a Public Relations
Ph: 02 6334133 (Ext: 286)
Fax: 02 6334233
Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, March 11 - 2008 at 07:36 UAE local time (GMT+4)
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