Union National Bank seeks to increase Egypt market share in Egypt by 2023

Union National Bank – Egypt (UNBE) seeks to capture a market share of 3 percent by the end of 2023, up from 1.1 percent, its managing director Ehab Sawirki told Amwal Al Ghad on Sunday.

Sawirki the bank also intends to increase its growth rate by 23 percent as well as its deposits and assets by 12 percent, Sawirki said.

The bank also wants to increase its net profit by 60 percent in 2019, he added.

The UNBE strategy is focused on supporting and cooperating with UAE companies which are operating in Egypt, especially in strategic sectors and major national projects, through providing all banking services, financial consultancy, and logistical support.

He added that there are 1,144 UAE companies operating in various sectors, where 114 new UAE companies have been established in Egypt during 2018.

The UAE investments are focused on several sectors including real estate, tourism, retail, industry, and petroleum, in addition to an increased participation in healthcare, he said.