Ahli United Bank Opens EGP1.5bn Letters of Credit for Petroleum Sector

Ahli United Bank (AUB) has opened letters of credit worth EGP1.5 billion within the first 8 months of the current year in favor of many firms in petroleum sector in order to import and export.

An official source told Amwal Al Ghad that the period of opening short term letters of credit ranging between 3 to 6 months, adding that the bank succeeded in expanding letters of credit and Guarantee.

The bank has opened letters with value of EGP7 billion in 8 months for the firms operating in food and grain to carry out import and export.

AUB has supported several sectors including food, medicines and petroleum products and it succeeded in alluring major customers for trade market and the finance of foreign trade helps to expand marketing capacity through inaugurating new markets beside local products.

The total volume of foreign transactions reached EGP20 billion at the end of 2013, move up by EGP6.3 billion in compared to the volume of the bank’s foreign transactions which reached EGP13.7 billion in 2012.

Furthermore, the bank’s financial statements revealed that net profits attained 14% to register (EGP189.1 million) at June 2014 against EGP165.8 million in June 2013.
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