December 13, 2006	Wednesday	Ziqa'ad 21, 1427

KARACHI, Dec 12: United Bank has decided to reward its executives and officers with bonus shares through a trust being established by the bank.

It informed its shareholders on Tuesday that the board of directors had approved the “Employee Retention Scheme”.

The object of this scheme is to reward, motivate and retain high performing executives and officers by way of bonus in the form of issued shares of the bank.

For this purpose the bank will establish a trust with a sum of Rs270 million.

The trust will acquire bank’s shares from open market and keep them in trust to be distributed to the selected officers. The bonus shares will be transferred to the selected officers over a span of four years in equal proportion provided they remain in the employment of UBL.