United Bank Launches Custodians Department

The United Bank announced the launch of a new administrative unit named department of custodians after securing approvals from the Central Bank of Egypt and the Egyptian Financial Supervisory Authority.

Such move came as part of the bank’s efforts in providing an integrated system of banking services to meet the customers’ needs, in addition to applying the bank’s strategy concerning improving the existing services and innovating new services, said Mohamed Ashmawy, chairman of the bank.

The custodian is chosen according to a number of standards such as the academic level, experience and ability to deal with the regulating laws in addition to passing the training course held by Misr for Central Clearing, Depository and Registry.

The role of the custodian is to set contracts with customers, submit periodic account statements and take all possible measures to secure customers’ balances.