In a move that surprised the international banking community, a decision made by The Central Bank of Egypt on the 29th of June, 2006, was the establishment of The United Bank. In order to activate the banking reform policy, which began in Egypt since 2003, to maintain strong banking entities, able to compete in the open market, and to support the overall Egyptian development.
Specific standards and important decisions resulted in the stability of exchange rates, the elimination of the black market and the reduction in the number of banks operating in the domestic market from 69 to 39 banks, aiming to strengthen their performance, and encouraged local and foreign investors which increased economic growth rates.
The United Bank acquired three weak entities that were not able to withstand the laws and policies of banking reform. Those three entities were: The ex-Egyptian United Bank, The ex-Islamic Bank for Development and Investment and The ex-Nile Bank.
The United Bank is considered the third largest banking entity with a paid net worth of 3.5 billion EGP. For the first time, in Egyptian banking history, The Central Bank of Egypt owns 99.9 % of The United Bank.
The United Bank team has managed to fill completely the financial allocations gap by the testimony of the Accountability State Authority, The Central Bank of Egypt and Hazem Hassan audit office, according to the budget of 2013 and appeared to make a profit.
The United Bank has a network of 66 branches and 4 digital centers, nationwide, that serves clients and meets all their financial and banking requirements. The United Bank has increased its ATM's network, reaching more than 200 ATMs, to meet customers' needs in various districts. A fleet of mobile banking units serve customers in different cities and centers that do not have branches.
The United Bank seeks to guarantee Shariaa legitimate banking solutions offered under the umbrella of "Rakhaa". It established a Shariaa supervisory committee that includes professors in Fiqh, Shariaa, and Islamic economics. The Shariaa committee core mission is to follow up and to release all new products and banking solutions offered by The United Bank under the umbrella of "Rakhaa" that are compatible with the provisions of Shariaa.
Under the slogan of "Narbh wa Norabeh” (win-win), The United Bank launched a series of banking solutions and innovative products geared towards the domestic and foreign trade sectors in order to strengthen and activate this sector to achieve national development goals.
We believe in the big role of small and medium-sized enterprises (SME's) to lead the economic recovery process. The strategy of The United Bank was drawn to support this promising sector by a range of banking solutions and programs that are specifically designed to serve the agricultural, trade services, and communications sectors.
The United Bank also signed a number of agreements with the Social Fund for Development and the European Union to support customers working in the agricultural and industrial fields. These agreements aim at supporting and assisting the economic growth in the current and future phases which will help in the rebuilding of the National Economy and focus on developing projects that create jobs and achieve social justice.