Union National Bank Egypt (UNB) aims to achieve growth rates of 30% in loans and deposits, as well as 45-50% in profits by the end of 2017, according to vice chairperson of the bank in Egypt and UNB-UAE CEO Mohamed Nasr Abdeen. Abdeen told Daily News Egypt that the bank intends to implement an expansion plan in Egypt in the coming period, considering the importance of the market to the mother group. The bank’s financial results indicated profits of EGP 181m at the end of 2016, up from EGP 160m in 2015—an increase of 13%. He added that the retail sector deposits increased from EGP 3.2bn at the end of 2015 to EGP 3.8bn at the end of 2016, an increase of 18%. Abdeen noted that the bank competed on acquiring Barclays Bank Egypt, as part of its expansion plan, either through self-expansion or through the acquisition of other banks.

Source: Daily News Egypt March 19, 2017 08:03 UTC