United Bank Injects EGP200mn in Biggest Loan in Egypt’s Banking Sector

United Bank Egypt is investing EGP 200 million in a syndicated loan for the state-owned Egyptian General Petroleum Corporation (EGPC), chairman Mohamed Ashmawy told Amwal Al Ghad on Tuesday.

The official further said his bank’s contribution to the EGPC’s loan is divided into two portions; one in Egyptian pound and other in the US dollar.

United Bank Egypt had turned into profitability to register profits amounting to EGP 600 million by end of 2013, Ashmawy noted, expressing upbeat on the bank’s upcoming business results.

For the EGPC’s loan, 11 banks are contributing EGP 1.8 billion to the syndicated finance’s total value. The loan is the biggest in the history of the Egyptian banking sector’s history, at total worth EGP 10 billion, with the aim of funding the state-owned Misr Petroleum and Petroleum Cooperative Society Co. (CO-OP).