Union National Bank's (UNB) retail reach will expand significantly when it begins offering banking services at post offices in the UAE starting later this month, the bank's chief said.
"The first few delivery outlets at post offices will become operational end of this month and the remaining will follow. By end of September this year, the bank will provide its services in all the 72 post offices in the country," said Mohammad Nasr Abdeen, Chief Executive, UNB.
UNB has tied up with Emirates Post through an agreement signed last year to offer banking services at 72 post offices throughout the UAE.
The bank has 27 branches in the country but with post office locations included the number of retail outlets will touch nearly 100, the largest among banks in the UAE.
"Once operational, these 'touch points' at post offices will give a big boost to our retail operations and in terms of branches we will have the largest network," he told Gulf News.
UNB's branch at Shahama moved to its new premises yesterday after an official launch by Shaikh Nahyan Bin Mubarak Al Nahyan, Minister of Education and Chairman, UNB.
Next week, the bank's branch at Dhafra will move to its new premises.
"The branches are being relocated to new state-of-art buildings owned by us. The bank is constructing another new building at Mussafah," said Abdeen.
UNB's brokerage arm, Union Securities, which now has a separate licence, is also moving to larger premises at Khalidiya in the capital.
"Due to the growing activity in the stock markets, Union Securities will soon be opening branches in Al Ain, Sharjah and Ras Al Khaimah to offer brokerage services."
UNB is yet to get approval from the Central Bank for setting up an Islamic finance company.
Gulf News
