UNB-Egypt aims to acquire 5% of Egyptian banking market in 10 years

By the end of 2015, the Union National Bank-Egypt (UNB-Egypt) is targeting to achieve a profit growth rate between 30% and 40% and to increase deposits and loans by 25% to 30%, according to the UNB’s Vice Chairman, Mohamed Nasr Abdeen.

Abdeen revealed that the bank is seeking to acquire a 5% stake of the Egyptian banking market by 2025.

He also noted that the bank supports Emirati investors in Egypt, adding that it issued letters of guarantee worth $150m for the National Drilling Company to dig the New Suez Canal.

About nine years ago, UNB acquired Alexandria Commercial and Maritime Bank. Since then, what has been realised of the objectives that you were seeking?

UNB entered the Egyptian market aiming to realise a qualitative leap and to contribute effectively in the development of the banking sector. We have worked hard since then and so far we have already come a long way towards achieving this goal.

The best proof on that is the bank’s recent acquisition of the Integrated Management System certificate (IMS) from Lloyd’s Register Quality Assurance (LRQA). This certificate is composed of three parts, which are; ISO 14001, ISO 9001 and OHSAS18001.