ABU DHABI: The Union National Bank (UNB) has no intention of merging with any other bank, its chief executive officer (CEO) has affirmed.
”There are no formal procedures or any intention to merge UNB with any other banking institutions,” Mohammed Nasr Abdeen told reporters after the bank’s Annual General Meeting on Wednesday in Abu Dhabi.
The UAE has seen several bank mergers, prominent among them being Emirates NBD. Currently, National Bank of Abu Dhabi and First Gulf Bank are in the process of merging.
Abdeen said UNB has so far issued bonds worth $I billion under its $3 billion bond programme.
”There is the plan to issue bonds, unless we see an expansion in borrowing or good investment return,” he said.
Abdeen is expecting the banking sector to grow by 5 per cent to 10 per cent in 2017, driven by stable oil prices.