amwalalghad :: Get To Know United Bank’s Mohamed Ashmway

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Get To Know United Bank’s Mohamed Ashmway

Published Saturday, 11 August 2012 16:49 | Written by Amwal Al Ghad

Mohamed Ashmawy is Federation of Egypt Banks (FEB) Board Member and Chairman & Managing Director of the United Bank.

Mohamed Ashmawy has over 35 years experience in the banking industry and is currently the Chairman and Managing Director of the United Banks of June 2006, Ashmawy was assigned a special mission by the Central Bank of Egypt (CBE) to chair the United Bank, the product of a merger between three insolvent banks (Nile Bank, United Bank of Egypt and Islamic Bank for Investment and Development).


Ashmawy, obtained his Bachelor Degree in Commerce from Ain Shams University in 1975 and successfully completed professional training programs in Commercial Arbitration, Audit and Credit-Chase Manhattan Bank.

Early Careers:

Ashmawy has diversified wide experience in various fields, mainly banking, agriculture, tourism, printing industries as well as in insurance, brokerage, car financing, and credit assessment which he gained during his numerous senior executive positions in different Industrial, Agricultural and financial institutions both Islamic and Conventional.

He esteemed positions he held included the 1st Vice Chairman and Managing Director of the Commercial International Bank, the Vice Chairman of the Commercial International Brokerage Company, the Vice Chairman of I-Score (Credit Scoring/Assessment Company), the Vice Chairman of the Commercial International Life Insurance Company, the Chairman of the Contact Company for Car Financing, and the Vice Chairman of Board of Trustees of Misr El Kheir Foundation.

He was also a Board of Directors' member of the Agricultural Holding Company and The 6th  October University. Moreover, he played a significant role in restructuring and reforming several institutions.

About The United Bank:

The United Bank is a brand new name in the Egyptian banking and financial sector. It was established by a Republican decision in June 29 2006. And it is now the third largest banking entity in the republic by paid-in capital that amounts to EGP 1 billion. For the first time in history of the Egyptian banks, the Egyptian central bank holds 99.9 % of the United Bank.

It is worth mentioning that the United Bank was born as a giant entity with a branch network of 37 arms countrywide to serve the lender’s clients and meet their all their financial and banking needs.

The United Bank has already completed the second stage for operating its new central automatic system that could link between all branches. And this linking is expected to be finalized before the middle of this year so that all branches can work under a unified central network.

Since the establishment of the United Bank, the bank carries out creation and development of a number of the banking services that their responsibilities are to respond to all clients needs for example: the 5- year golden certificate under the name of " the Millionaire " Besides a number of the innovative savings bases like the golden certificate and a number of other certificates denominated in local or foreign currency.

Moreover, the bank has established "Rakhaa" sector regarding all banking transactions that abide to the Islamic Shariaa provisions and cope with the newest international banking standards. Within "Rakhaa" services there are Ethar certificate - Alodhia instrument and Dyar real estate financing services. In addition to the investment certificates that have been conformity of the Islamic Shariaaa provisions like the 3-year and 5-year certificates with a monthly or semi-annual return and also with a variable monthly return either in the local or foreign currency.

Additionally, the bank established ( the charitable investment ) “Masr Alkheir” fund, that carries account number 100100 as to be a fast response to the call of Mufti of Egypt to establish a fund that allocates its income to treat patients who are not capable of affording the treatment expenses.

As to ensure communication continuity with its clients, and as to facilitate the communication, the bank have established a call center and customer services sections, the call center carries number 19200 specified for receiving any inquiries from the bank clients anywhere inside or outside the Arab Republic of Egypt.

On July 19th, the United Bank announced that it targets to inject EGP 600 million in its loans and credit facilities portfolio, raising it to EGP 4 billion by the end of 2012, compared to EGP 3.4 billion at the end of last May.

Mamdouh Hendy, head of credit department, said the bank succeeded in increasing loans portfolio by EGP 400 million, registering EGP 3.4 billion at the end of May, up from EGP 3 billion at the beginning of 2011.

The United Bank targets also to expand in offering finances to small and medium enterprises (SMEs) in the upcoming period as the bank plans to inject EGP 150 million as sharia-complaint finances to SMEs, increasing the portfolio by 60%.

National Campaigns:

On August 8th, the United Bank has launched a national campaign to renew and improve the endoscopy unit at Imbaba Fever Hospital, said Mohamed Ashmawy, chairman of the United Bank.

Last July 26th, the United Bank had offered cleanliness equipments worth EGP 3 million for cleaning Nasr City and Heliopolis, as part of the national initiative for cleaning the streets in Egypt.


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