UNB will expand network to 60 branches

Abu Dhabi: Union National Bank (UNB) is planning to expand its network to 60 branches by the end of 2008, compared to the present 47 branches, an executive said on Tuesday.

The bank on Monday reported a 35 per cent increase in net profit for the first quarter to Dh337.9 million, compared to Dh254.9 million in the same period last year.

"Within the coming period we will be launching a new or renovated branch every week as we seek to expand the network to 57 to 60 branches by the year-end. Five or six branches are ready in the pipeline," Mohammad Nasr Abdeen, UNB's chief executive officer told reporters yesterday during the opening ceremony of a new branch in Mussafah area.

The new branches include one in Bani Yas which is under renovation, one at the Dubai Healthcare City, one in the Airport road in Abu Dhabi, and one in Khalifa City.

UNB will also open its Qatar branch and its representative office in China before the end of June. The chief executive said he was optimistic about the bank's performance in 2008, given the growing profit and the expansion of the UNB's activities.

"Within the coming weeks we will also launch our private banking unit and wealth management division at the bank's headquarters in Al Salam Street," he said.