United Bank Mulls Capital Top-up to EGP2 billion to Finance Mega Projects

Egyptian lender United Bank S.A.E. is considering a capital increase to EGP 2 million within this year from EGP 1 billion, chairman Mohamed Ashmawy told Amwal Al Ghad on Monday.

Ashmawy explained that the capital raise scheme comes within the framework of the United Bank’s willingness to support the national economy and finance mega projects in Egypt.

In 2013, the United Bank has managed to fill an allocation gap, achieving profitability for the first time, the banking official added.

Moreover, the United Bank will be taking part in the central bank’s mortgage funding initiative, he said but declined to mention the sum of financing his bank is planning to secure for the initiative.