Daily News Egypt

Egypt is one of the most powerful economies in North Africa, we are keen to expand here: UNB leaders  - Daily News Egypt

Advertising Area

Advertising Area

Egypt is one of the most powerful economies in North Africa, we are keen to expand here: UNB leaders 

We are keen on taking part in funding projects that serve the Egyptian economy, in fields of energy and infrastructure, amongst others: Al Nahyan

Nahyan bin Mubarak Al Nahyan, chairperson of the Union National Bank Egypt said that despite the series of challenges seen in Egypt in the previous period, it remains one of the most powerful economies in North Africa.

He added that the bank has adopted a strategy that mainly aims to reach all segments of clients, through the traditional means of opening new branches, by increasing the number of ATMs and improving electronic services and banking services centres.

The bank currently has branches in 19 governorates, with a plan to reach the remaining governorates over the coming five years.

Al Nahyan said in a report on the performance of the bank in Egypt that was presented to the bank’s general assembly on Wednesday that the bank is keen on participating in financing projects that serve the Egyptian economy, whether in energy and infrastructure, or other vital economic activities.

He added that UNB Egypt has been developing retail services to meet the needs of their demands.

“The bank began developing its services to individuals, through cooperating with VISA, launching internet banking, and beginning the phone banking services,” he explained.

Moreover, he pointed out that the bank is also keen on providing medium and long-term saving vessels in Egyptian pounds, next to retail loans and participating in social development through the bank’s social responsibility.

Al Nahyan said that the coming period will see major expansions across all governorates to cope with the development of the Egyptian banking market and enhance the bank’s position among local banks.

He stressed the confidence of the main shareholders in the Egyptian market, adding that the bank will continue expanding to support the national economy. He noted that the bank’s capital increased at the end of 2016 to EGP 1.3377bn, up by EGP 63.7m from 2015, through reinvesting shareholders’ profits in 2015.

During the general assembly, the bank noted that it obtained the approval of the Central Bank of Egypt (CBE) to appoint Mohamed Mostafa Abdel Atti as an executive board member in Egypt starting from January 2017. The bank is also waiting for the approval of the CBE to reappoint Atef El Dib on the board of directors to represent the mother group.

El Dib had recently retired on 23 April 2016.

According to the banking law, candidates for senior positions must be approved by the CBE.

According to Mohamed Nasr Abdeen, chairperson of the UNB Egypt and CEO of the mother bank in UAE, the bank is interested in achieving a balanced strategic growth in the Egyptian market.

He added that the strategy enabled the bank to benefit from the opportunities of economic growth in Egypt and re-boost the confidence of parties that deal with the bank.

He pointed out that the bank in Egypt pays great attention to small and medium enterprises (SMEs), being a locomotive for development and considering their role in developing local industries and creating jobs, especially for youth.

Furthermore, Abdeen said the bank has allocated a separate budget to finance SMEs and intensified training provided on this sector to its employees.

He added that the bank is focused on having a social role in Egypt, highlighting the bank’s participation in organising an Orphans Day celebration in Egypt, as well as taking part in sponsoring elderly care facilities, in addition to participating in charity organisations that support families of those injured in road accidents.

Advertising Area

Breaking News

No current breaking news

Receive our daily newsletter