Abu Dhabi – Mubasher: United Arab Bank’s (UAB) ordinary general meeting (OGM) has approved the launch of one or two debt programmes to issue bonds worth up to $1 billion (AED 3.67 billion) as a private placement or public offering listed on the international stock markets.

The OGM also approved the issuance of bonds on a standalone basis with a maximum amount of $75 million (AED 275.48 million), according to a bourse statement.

Faisal Bin Sultan Bin Salem Al Qassimi was named as the bank’s new chairman.

The Abu Dhabi-listed bank’s shareholders agreed to not distribute dividends for 2017.