The Central Bank of Egypt (CBE) decided to pump EGP 2.5bn into United Bank, bringing the bank’s capital up to EGP 3.5bn. According to Ashraf Elkady, chairperson of the United Bank, the CBE’s injection of new capital will give a strong boost to the bank and its team to develop its business, strengthen the capital base, and raise the capital adequacy. This increase in the bank’s capital aims to meet the growing requests to expand in business and finance, whether directly or indirectly. Egypt at this important stage of economic construction needs strong banking entities to improve financial inclusion rates and to achieve targeted profitability, he explained. The capital of the United Bank was EGP 1bn at the beginning of its acquisition of the Nile Bank, the United Bank of Egypt, and the Islamic Bank for Development and Investment in mid-2006.

Source: Daily News Egypt January 17, 2017 15:47 UTC