The United Bank aims to boost its performing loans portfolio to EGP 7bn by the end of 2016, according to the bank’s vice chairperson, Farag Abdel Hamid.
Abdel Hamid told Daily News Egypt that the performing portfolio currently stands at EGP 6bn, while non-performing loans registered EGP 3.4bn.
He added that the bank is coordinating with both the National Bank of Egypt (NBE) and Banque Misr, among others, to take part in the syndicated loans arranged by those banks.
He noted that the size of syndicated loans at the bank is EGP 500m for sectors in electricity and oil, mostly in favour of public sector companies.
Moreover, Abdel Hamid pointed out that The United Bank has recently participated in a EGP 500m syndicated loan with Abu Dhabi Islamic Bank. The bank also put EGP 100m in a syndicated loan with the NBE for the General Authority for Supply Commodities (GASC).
In another context, he said that the bank aims to increase the size of its mortgage portfolio to EGP 150m at the end of 2016, up from EGP 60m this month.
“The bank has restructured the mortgage department to achieve this goal,” he added.
When asked about the sale of the bank, Abdel Hamid said he did not know information on the matter, as it is in the hands of the Central Bank of Egypt (CBE) alone. “All negotiations in this regard are with the CBE and the executive management does not take part in them.”