Abu Dhabi – Mubasher: United Arab Bank (UAB) on Tuesday announced that its board of directors has approved launching one or more debt programmes for the issuance of bonds: medium-term notes, commercial papers, and certificates of deposit CDs.

The board has determined a maximum amount of $1 billion for issuances, the bank said in a statement to the Abu Dhabi Securities Exchange (ADX).

The board also approved any issue of bonds or other debt instruments through collateralised arrangements whether in loan or bond format up to a maximum amount of $75 million, or the equivalent in other currencies, the commercial lender added.

“To consider and approve the inability of such debt instruments, in all cases mentioned above to be convertible into shares of the bank and that such approved activities shall be achieved at a time and in a manner to be determined by the board of directors, in compliance with all applicable laws and requirements of the securities and commodities authority and the Central Bank of the UAE,” the statement said.