The United Bank capital increases to 5 billion pounds

20/12/2021

The Extraordinary General Assembly of The United Bank approves a capital increase to 5 billion pounds

Ashraf El Kady - President of The United Bank
•    The United Bank is one of the first banks to comply with the Banking Law 194 of 2020
•    Increasing the bank's capital is a great achievement amid local and global challenges.
•    The increase aims to strengthen the financial position and maximize the bank's competitive capabilities.
•    The bank aspires to be the best partner for investors in the local and international market.
•    Injecting more investments in infrastructure and cyber security.
•    Expanding financial solutions and digital services to meet the aspirations of traditional and Shariaa-compliant customers.

Cairo: December 12th, 2021

The Extraordinary General Assembly of The United Bank approved last week an increase in the paid-in capital to 5 billion pounds, following the approval of The Central Bank of Egypt. Thus, The United Bank is one of the first banks to comply with Banking Law No. 194 of 2020.

The United Bank witnessed an increase in its capital from 3.7 to 5 billion pounds, with direct financing from its retained earnings for this purpose. Also, property rights increased to 9 billion pounds.

Ashraf El Kady - President of The United Bank - stated that the increase in the bank's capital is a great achievement added to the series of achievements of the work team and motivates it to move forward to maximize the bank's market share amid huge international challenges and in light of a global crisis that has cast a severe shadow on major economies in the world.

El Kady expressed that The United Bank aims to be the ideal strategic partner in the sustainable development plans of the Egyptian state in accordance with vision 2030, as well as the best choice for clients and investors in various branches and governorates with an innovative package of financial and financing solutions, whether traditional or compliant with the provisions of Sharia and digital that meet their needs and aspirations, as well as expanding the base of those covered financially in Egypt, in addition to pumping more investments to strengthen infrastructure and cybersecurity.

Ashraf El Kady stressed that raising the bank's capital will also contribute to more strength and solvency for the financial center to keep pace with the increasing economic growth locally and motivate investors, whether individuals and institutions, to pump more money into giant, medium, small or micro projects which contributes in strengthening the Egyptian economic activity in various fields.

Ashraf El Kady praised the Banking Law, which works to create strong banking entities that attract local and international investments as well as strengthening capital adequacy standards and maximizing the sector's ability to face potential risks and strong competition in light of open market mechanisms, especially the applications of Basel IV standards and the new accounting standard IFRS.

It is worth noting that raising the capital of The United Bank was not the first time. Rather, the United Bank raised its capital in 2017 from one billion pounds to 3.5 billion pounds, and then in 2021 to 5 billion pounds.