General Assembly of Union Bank of Cameroon PLC resolves to increase  Share Capital.

The shareholders of Union Bank of Cameroon PLC held their 6^th General Assembly Meeting in Bamenda on June 28, 2007 to discuss the 2006 accounts amongst other important issues.

 The Chief of Administration at the North West Governor’s office represented the Governor at the opening ceremony. In his opening speech, he congratulated the promoters of the bank which included the Cameroon Cooperative Credit Union League limited (CamCULL), and reminded them of their duty to support the bank attain its goals.

 The Mandataire (appointed by COBAC) Mr. Abraham Ndofor who chaired the deliberations equally welcomed the encouraging crowd made up of more than 80% of shareholders.

With a special mission to increase share capital and reinforce transparency and accountability, the Mandataire expressed the need for shareholders to put in the necessary capital to move the bank forward.

The Governors’ representative and the Mandataire emphasized the need to constantly protect depositors and increase shareholder value as part of government’s policy to support private initiative for the socio-economic development of the nation.

Amongst other decisions taken, the shareholders resolved on the following;

a) Raise more capital

b) Revise the Article of Association

c) Restructure the  shareholding of the majority shareholder so as to permit  strategic partners to acquire shares

d)  Authorized the Mandataire to look for strategic partners

e) Called on the Mandataire and staff of Union Bank to increase the quality of services rendered to customers

f) That an Extra-Ordinary General Meeting be convened in three (03) months time to validate the capital increase and revise the articles of association.

The total support of shareholders through these is a stimulant for the Mandataire and his team to work for a brighter tomorrow for Union Bank of Cameroon PLC.