UAE based Union National Bank (UNB) has received an initial approval from the Central Bank of Kuwait to operate in Kuwait and inaugurate a new branch the country.
UNB said that it will will commence operations after getting the required approvals from the Kuwaiti Cabinet Ministers.
The new branch is in line with its expansion strategy in the GCC and the region and marks another milestone for the bank after it has ventured into Doha with a branch at the Qatar Financial Centre and has also opened a representative office in Shanghai China, said the bank.
In addition UNB has presence in Egypt through UNB Egypt with a number of banking centers.
Union National Bank a public joint stock company incorporated under the laws of the United Arab Emirates in 1982. The shareholders of the UNB are Governments of both Abu Dhabi with 50% and Dubai with 10%, and the remaining 40% of the shares are publicly held.