Shareholders of Unity Bank yesterday unanimously approved the Board?s proposal to raise the share capital from N30 billion to N40 billion.
Giving the approval at the bank?s 7th Annual General Meeting in Abuja, the investors believed that the decision would enable it issue from its authorised share capital 20 billion units of ordinary shares at 50 kobo each.
Accordingly, the additional shares so issued would have equal rights with the existing shares of the company and the proceeds will be committed to branch expansion, Information Technology, and infrastructure.
In addition, the additional funds would also help in strengthening the manpower skills through training and operational infrastructure assets, including acquisition and deployment of Automated Teller Machines and Point of Sales terminals, amongst others.
The Chairman of Unity Bank,Nu?uman Danbatta said the bank had been repositioned to deliver its strategic objectives of growing its assets and deposits in a significant manner. He said this would be achieved through cost optimization and implementation of its new retirement policy which is aimed at revitalising and rejuvenating its workforce.