Union National Bank eyes 5% Egypt market share in 10 years

Union National Bank (UNB) is planning to boost its market share in the Egypt to 5 percent in the next ten years, the bank’s CEO said Monday.

It is such a challenge for the bank, Mohamed Nasr Abdeen stated citing the Egyptian banking system as competitive.

The bank’s current market share is estimated at 2 percent, he added.

During a press conference Monday, Abdeen revealed the bank’s expansion plan in Egypt that depends on increasing its geographical spread in the country by opening 11 branches in 2015. Therefore, UNB’s network of branches in Egypt would reach 43 from 32 at the end of 2014.