Ethiopia's United Bank announced its plan to increase its authorized capital and paid-up capital to one billion Ethiopian birr.

The Bank unveiled its plan to increase its capital in three years time by selling four million shares, each worth 1,000 birr  on its 8th Shareholders’ Extraordinary meeting held on Saturday June 15.

United Bank has also decided to welcome new shareholders in a bid to boost its capacity.

The proposal states that existing shareholders can subscribe for the new shares in proportion to their current shareholdings. Subscription for the new shares will expire on the 30th of November 2013 and subscription will be open to shareholders who want to subscribe beyond the proportion of their existing shares from the 1st of December upto the 31st.

United Bank has posted 406.5 million birr profit before tax in the last fiscal year.

The bank indicated in its financial report last year, it had earned 297.8 million birr net profit after tax.

Source: Capital