United Bank eyes New Investment Arm to Support Egypt Industry

United Bank Egypt plans to launch a new investment arm in the industrial development sector within the first quarter of 2015, chairman Mohamed Ashmawy announced on Tuesday.

Speaking to Amwal Al Ghad on Tuesday, Ashmawy said the new venture would be run by the United Bank, designated to found small industrial projects operating in all fields. Studies on the new venture are being conducted in cooperation with the Egyptian Ministry for Local Development.

Furthermore, the banking official referred to United Bank Egypt’s plans to inaugurate ten new branches within 2015 to spread in the Upper Egypt area, so that it network of branches would rise to 60.

The United Bank Egypt is targeting a greater presence in the SMEs sector amid plans to receive a new financing package worth EGP 100 million from the Social Fund for Development (SFD) by early 2015, Ashmawy noted.