United Bank Denies Upcoming Changes In Ownership Structure

The United Bank of Egypt will not change its ownership structure in the current period, affirmed Mohamed Ashmawy, the chairman of the bank.

The main challenges facing the bank are achieving high growth rate and increasing its market share.

The Central Bank of Egypt (CBE) owns 99% stake in the United Bank of Egypt which was a result of a merger between the Islamic International Bank for Investment and Development, the Nile Bank and the United Bank in 2006 with a total capital of EGP one billion.