Union National Bank to issue Tier 1 capital notes to the Abu Dhabi Government

The issuance of the Notes has been approved by Union National Bank's Board of Directors on 2nd February 2009.

The Notes will bear interest at fixed rate of 6% per annum payable semi-annually in arrear from (and including) the issue date for a period of five years, and thereafter at a floating rate, reset and payable semi-annually in arrear, reflecting the initial margin above the then prevailing six-month Emirates Interbank Offered Rate (EIBOR). The Notes are non-voting, non-cumulative perpetual securities, and are callable subject to certain conditions.

Speaking on the occasion, the Chief Executive Officer of the Bank, Mr. Mohammad Nasr Abdeen said, in thanking the wise leadership of the Government of Abu Dhabi, that this was a clear statement by the Government, of its continuing commitment to ensuring that the financial institutions in the Emirate will remain strong and able to support the visionary goals of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the U.A.E. and His Highness Sheikh Mohammad bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the U.A.E. Armed Forces.