United Bank of Egypt targets 3% market share in 2019

Egypt’s state-run United Bank is planning to boost its market share in the country to 3 percent within 2019, its chairman Ashraf El Kady announced Sunday.

It is part of a four-year strategy to expand the bank’s market share, volume of deposits and loans, assets, profitability, geographical presence, and number of clients, El Kady said.

Portfolio of deposits currently stands at around 22 billion Egyptian pounds ($2.5 billion), the banking official said referring to the bank’s strategy to allure more savings in a bid to eventually boost contribution to national projects.

The bank will sell in the coming period part of its real estate assets after settling with some clients in default, El Kady added.

The United Bank’s total assets currently stand at 27 billion pounds approximately, the banking official stated.