Latest news with #ShirishBhide
Mid East Info
a day ago
- Business
- Mid East Info
United Arab Bank PJSC launches strategic Rights Issue to raise up to AED 1.03 billion - Middle East Business News and Information
United Arab Emirates: United Arab Bank PJSC ('UAB'), listed on the Abu Dhabi Securities Exchange (ADX) announced that it proposes to increase its issued share capital by an amount up to AED 1,031,275,325 (one billion thirty-one million two hundred seventy-five thousand three hundred twenty-five dirhams) from AED 2,062,550,649 (two billion sixty-two million five hundred fifty thousand six hundred forty-nine dirhams) up to AED 3,093,825,974 (three billion ninety-three million eight hundred twenty-five thousand nine hundred seventy-four dirhams) by way of the Rights Issue offered to the existing shareholders of the Bank. Further, United Arab Bank has published an invitation to its shareholders (the 'Invitation') to subscribe for New Shares. Frequently asked questions relating to the Rights Issue will be made available on UAB's website on or around today's date. The New Shares will be issued at an issue price of AED 1 per New Share (the 'Issue Price'). The terms and launch of the Rights Issue were approved by the UAB's General Assembly Meeting held on 6 March 2025, following the approval of the Board of Directors of the Bank held on 4 February 2025. The necessary regulatory approvals have been obtained for this transaction. United Arab Bank intends to use the net proceeds raised from the Rights Issue to strengthen its capital base and to support future growth of the business of United Arab Bank. The holders of Rights, which includes shareholders of United Arab Bank and any persons who purchased Rights during the Rights Trading Period (the 'Eligible Persons'), will be entitled to exercise their Rights to subscribe for New Shares at the Issue Price commencing on 4 July 2025 and ending on 17 July 2025. The New Shares will be allocated to Eligible Persons on 24 July 2025. Refunds will be given to Eligible Persons, who did not receive the number of New Shares that they subscribed for, on or around 24 July 2025. Commenting on the announcement, Mr. Shirish Bhide, CEO of United Arab Bank said: 'The Rights Issue represents a significant milestone in the Bank's journey towards its next phase of growth. It is an important step in strengthening United Arab Bank's capital position and reinforces our long-term commitment to sustainable growth. The additional capital will support the implementation of our growth strategy, enhance our financial resilience, and create long-term value for our shareholders while continuing to serve the UAE economy and contribute to its development agenda.' First Abu Dhabi Bank PJSC has been appointed as Lead Manager and Bookrunner in respect of the Rights Issue and Al Tamimi & Co. have been appointed as Legal Adviser. Expected Timetable of Principal Events Event Date (2025) Date of publication of the Invitation 3 June Eligibility Date of Rights (record date)* 19 June First day of trading the Rights on the ADX 27 June Last day of trading the Rights on the ADX 10 July Subscription Opening Date 4 July Subscription Closing Date 17 July Date of allocation 24 July Refund date On or around 24 July Commencement of Dealings in the New Shares On or around 30 July * In order to receive Rights on the Eligibility Date, investors must ensure that they execute any purchase orders for shares at least two business days prior to the Eligibility Date, i.e. on or before 17 June 2025, to allow for the settlement of trades on the ADX (which operates on a T+2 basis).
Gulf Today
2 days ago
- Business
- Gulf Today
United Arab Bank launches strategic Rights Issue to raise up to Dhs 1.03 billion
United Arab Bank PJSC (UAB), listed on the Abu Dhabi Securities Exchange (ADX) announced that it proposes to increase its issued share capital by an amount up to Dhs1,031,275,325 (one billion thirty-one million two hundred seventy-five thousand three hundred twenty-five dirhams) from Dhs2,062,550,649 (two billion sixty-two million five hundred fifty thousand six hundred forty-nine dirhams) up to Dhs3,093,825,974 (three billion ninety-three million eight hundred twenty-five thousand nine hundred seventy-four dirhams) by way of the Rights Issue offered to the existing shareholders of the Bank. Further, United Arab Bank has published an invitation to its shareholders (the "Invitation") to subscribe for New Shares. Frequently asked questions relating to the Rights Issue will be made available on UAB's website ( on or around today's date. The New Shares will be issued at an issue price of Dhs1 per New Share (the "Issue Price"). The terms and launch of the Rights Issue were approved by the UAB's General Assembly Meeting held on 6th March 2025, following the approval of the Board of Directors of the Bank held on 4th February 2025. The necessary regulatory approvals have been obtained for this transaction. United Arab Bank intends to use the net proceeds raised from the Rights Issue to strengthen its capital base and to support future growth of the business of United Arab Bank. The holders of Rights, which includes shareholders of United Arab Bank and any persons who purchased Rights during the Rights Trading Period (the "Eligible Persons"), will be entitled to exercise their Rights to subscribe for New Shares at the Issue Price commencing on 4th July 2025 and ending on 17th July 2025. The New Shares will be allocated to Eligible Persons on 24 July 2025. Refunds will be given to Eligible Persons, who did not receive the number of New Shares that they subscribed for, on or around 24th July 2025. Commenting on the announcement, Shirish Bhide, CEO of United Arab Bank, said, "The Rights Issue represents a significant milestone in the Bank's journey towards its next phase of growth. It is an important step in strengthening United Arab Bank's capital position and reinforces our long-term commitment to sustainable growth. The additional capital will support the implementation of our growth strategy, enhance our financial resilience, and create long-term value for our shareholders while continuing to serve the UAE economy and contribute to its development agenda.' First Abu Dhabi Bank PJSC has been appointed as Lead Manager and Bookrunner in respect of the Rights Issue and Al Tamimi & Co. have been appointed as Legal Adviser. WAM
Khaleej Times
4 days ago
- Business
- Khaleej Times
UAB congratulates the Central Bank of the UAE on its 50th anniversary
Shirish Bhide, Chief Executive Officer of United Arab Bank (UAB), extended his warmest congratulations to Sheikh Mansour bin Zayed Al Nahyan, Vice-President, Deputy Prime Minister, Chairman of the Presidential Court and Chairman of the Board of the Central Bank of the UAE (CBUAE) and to Khaled Mohamed Balama, Governor of CBUAE, on the momentous occasion of the central bank's golden jubilee — celebrating five decades of impactful contributions to the country's financial and economic development. 'The Central Bank of the UAE's unwavering commitment to stability, innovation, and sustainable growth has been instrumental in positioning the UAE as a leading global financial hub. Its pioneering efforts in digital transformation, green finance, and regulatory excellence continue to align with the nation's bold vision for a diversified, inclusive, and future-ready economy.' 'I would like to extend my heartfelt congratulations and good wishes to the visionary leadership of the UAE on the 50th anniversary of CBUAE. The central bank's five-decade journey stands as a testament to progressive governance and an enduring pursuit of excellence.' Bhide reaffirmed United Arab Bank's full support for the central bank's strategic direction and emphasised the institution's active role in contributing to national priorities. 'At United Arab Bank, we are proud to operate under the robust regulatory framework set by the CBUAE. We remain deeply committed to supporting the national agenda — whether by enhancing financial inclusion, driving sustainable banking practices, or adopting innovative technologies that serve both our customers and the broader economy.' 'We are aligned with the Central Bank's Financial Infrastructure Transformation Programme and its digital infrastructure strategy. As a UAE-headquartered bank, we view our role as both a responsible partner in implementation and a catalyst for growth. We are also proud to support the country's Emiratisation efforts by investing in the development of the next generation of Emirati leaders.' 'The central bank's golden jubilee is a significant and inspiring milestone not only for the financial sector and banking industry, but for the nation as a whole. We celebrate this historic moment with gratitude for the central bank's leadership and guidance, and with a renewed commitment to collaborate in advancing innovation, financial inclusion and long term prosperity. Here's to honouring the past 50 years and building a brighter financial future together.'
Al Bawaba
7 days ago
- Business
- Al Bawaba
United Arab Bank partners with Emirates Face Recognition (EFR) to Launch a Seamless and Secure Digital Banking Experience via Its New Mobile App.
United Arab Bank (UAB) has signed a strategic partnership agreement with Emirates Face Recognition (EFR), a leading UAE-based technology provider of cutting-edge facial recognition and digital identity verification signing ceremony was attended by Mr. Shirish Bhide, CEO of United Arab Bank; Mr. Emre Yalcin, Head of Retail Banking at United Arab Bank; and Mr. Zack Charkas, CEO of Emirates Face Recognition, Talha Khan, Head of Product at Emirates Face Recognition, along with senior executives from both agreement highlights UAB's commitment to providing best-in-class digital banking solutions and aligns with the Central Bank of the UAE's directives to adopt advanced technologies that enhance customer privacy, minimize fraud, and simplify digital services. Moreover, this initiative reflects UAB's continued dedication to innovation, regulatory compliance, and superior customer this occasion, Shirish Bhide, CEO of United Arab Bank, said: "We are proud to partner with an innovative national company like Emirates Face Recognition, which shares our ambitions to deliver efficient, secure and fast banking solutions while supporting the UAE's transition to a digital-first lifestyle. This agreement represents a significant milestone in our digital transformation roadmap and reaffirms our commitment to innovation and customer-focused security."Emre Yalcin, Head of Retail Banking at United Arab Bank, commented: "Our partnership with EFR is a key milestone in delivering our vision of a seamless, secure, and fully integrated digital banking experience through our upcoming Mobile Banking App. By placing advanced biometric technologies at the core of our services, we are reshaping how customers engage with the bank ─ offering greater convenience, enhanced security, and peace of mind. This initiative also strengthens our ability to support customers throughout their financial journey, while ensuring full alignment with the highest regulatory and safety standards."Zack Charkas, CEO of Emirates Face Recognition, added: "We are pleased to take part in the ambitious digital transformation journey led by United Arab Bank. Together, we are pushing the boundaries of innovation and creating long-term value with a future-forward outlook. At EFR, we are committed to delivering trusted, secure and innovative solutions driven by a passion for excellence."Talha Khan, Head of Product at Emirates Face Recognition, commented: 'Our partnership with United Arab Bank reflects a shared commitment to purposeful innovation. We've worked closely to deliver a trusted, cutting-edge solution tailored to UAB's goals and client experience. It's been a true collaboration, and we look forward to building on this foundation to drive lasting impact together."Emirates Face Recognition is one of the UAE's leading national companies in the field of biometric verification and digital identity solutions. EFR serves both government and private sector entities with secure and seamless technologies that enhance service efficiency, reliability, and user trust. This partnership precedes the upcoming launch of UAB's new Mobile Banking App, which will deliver a whole new customer experience, especially in instant account-opening, a wide range of digital services, and automated KYC updates. The new app will empower UAB customers to access services securely and conveniently without the need to visit a branch, offering a seamless, fully digital banking experience that meets the needs of today's always-connected lifestyle.
Web Release
7 days ago
- Business
- Web Release
United Arab Bank partners with Emirates Face Recognition (EFR) to Launch a Seamless and Secure Digital Banking Experience via Its New Mobile App.
United Arab Bank partners with Emirates Face Recognition (EFR) to Launch a Seamless and Secure Digital Banking Experience via Its New Mobile App. United Arab Bank (UAB) has signed a strategic partnership agreement with Emirates Face Recognition (EFR), a leading UAE-based technology provider of cutting-edge facial recognition and digital identity verification solutions. The signing ceremony was attended by Mr. Shirish Bhide, CEO of United Arab Bank; Mr. Emre Yalcin, Head of Retail Banking at United Arab Bank; and Mr. Zack Charkas, CEO of Emirates Face Recognition, Talha Khan, Head of Product at Emirates Face Recognition, along with senior executives from both organizations. This agreement highlights UAB's commitment to providing best-in-class digital banking solutions and aligns with the Central Bank of the UAE's directives to adopt advanced technologies that enhance customer privacy, minimize fraud, and simplify digital services. Moreover, this initiative reflects UAB's continued dedication to innovation, regulatory compliance, and superior customer service. On this occasion, Shirish Bhide, CEO of United Arab Bank, said: 'We are proud to partner with an innovative national company like Emirates Face Recognition, which shares our ambitions to deliver efficient, secure and fast banking solutions while supporting the UAE's transition to a digital-first lifestyle. This agreement represents a significant milestone in our digital transformation roadmap and reaffirms our commitment to innovation and customer-focused security.' Emre Yalcin, Head of Retail Banking at United Arab Bank, commented: 'Our partnership with EFR is a key milestone in delivering our vision of a seamless, secure, and fully integrated digital banking experience through our upcoming Mobile Banking App. By placing advanced biometric technologies at the core of our services, we are reshaping how customers engage with the bank ? offering greater convenience, enhanced security, and peace of mind. This initiative also strengthens our ability to support customers throughout their financial journey, while ensuring full alignment with the highest regulatory and safety standards.' Zack Charkas, CEO of Emirates Face Recognition, added: 'We are pleased to take part in the ambitious digital transformation journey led by United Arab Bank. Together, we are pushing the boundaries of innovation and creating long-term value with a future-forward outlook. At EFR, we are committed to delivering trusted, secure and innovative solutions driven by a passion for excellence.' Talha Khan, Head of Product at Emirates Face Recognition, commented: 'Our partnership with United Arab Bank reflects a shared commitment to purposeful innovation. We've worked closely to deliver a trusted, cutting-edge solution tailored to UAB's goals and client experience. It's been a true collaboration, and we look forward to building on this foundation to drive lasting impact together.' Emirates Face Recognition is one of the UAE's leading national companies in the field of biometric verification and digital identity solutions. EFR serves both government and private sector entities with secure and seamless technologies that enhance service efficiency, reliability, and user trust. This partnership precedes the upcoming launch of UAB's new Mobile Banking App, which will deliver a whole new customer experience, especially in instant account-opening, a wide range of digital services, and automated KYC updates. The new app will empower UAB customers to access services securely and conveniently without the need to visit a branch, offering a seamless, fully digital banking experience that meets the needs of today's always-connected lifestyle.
