Offering United Bank for sale still pending

The United Bank is set to be sold but the when and how is yet to be decided; the Central Bank of Egypt (CBE), the major owner of the bank, will take this decision, new chairman and managing director of the United Bank Ashraf El-Kady said.

The CBE and other parties are still studying the issue of sale; the bank’s management has not received any instructions so far, El-Kady said.

The CBE founded the United Bank in 2006 and owns 99.9% of it. The size of the bank’s assets exceeded EGP 28bn at the end of 2015. El-Kady will officially take office in the United Bank by the beginning of April.

According to El-Kady, he hopes that, through his new position, he can achieve specific tasks that would place the United Bank among the largest banks operating in the Egyptian market. He also targets to increase the bank’s market share, which currently ranges between 2% and 3%.

El-Kady’s statements came during a ceremony the bank held last Wednesday on the occasion of renewing its partnership with international company Misys, which works in the field of financial software and carries out developments in the bank since it was founded in 2006.