The board of directors of Union Bank of Israel (TASE: UNON), the country's sixth largest bank, has approved the bank's strategic plan for 2010-12. The board set a capital adequacy ratio target of at least 12.5%, which reflects the bank's appetite for risk and its general risk tolerance.
Union Bank's board also approved structural changes, including the establishment of an independent risk management unit to be headed by a chief risk officer. Union Bank VP Akiva Sternberg was appointed to the post.
Union Bank posted a net profit of NIS 20 million for the third quarter of 2009, compared with NIS 14 million for the corresponding quarter of 2008, an increase of 43%.
Union Bank's share rose 2.3% by midday to NIS 16.92, giving a market cap of NIS 1.22 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on January 3, 2010
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