The Egyptian Stock Exchange grants The United Bank the trading mechanism on the government debt instruments “custodian” code number 3533
Ashraf El Kady- The Chief Executive Officer and Managing Director
Cairo: 5th September, 2023
The Egyptian Stock Exchange - membership committee - approved The United Bank (as an exchange member) demand to provide trading services as a custodian on government debt instruments (bonds- shares- treasury bills and notes- trading in government bills).
That decision came as per The Central Bank of Egypt approval issued in the first of June 2023. In addition to the approval issued from The Egyptian Financial Supervisory Authority number 2028 of year 2023 on 15th of July 2023, to direct handling the secondary market of government debts instruments as an informal operator.
UB custodian mission comes within the granted license of EFSA since 2012 to handle the custodian services for the benefit of customers and to settle their obligation resulted from trading. That happens as per the signed custodian agreement among UB custodians and UB customers, according to market regulative rules of EFSA.
Ashraf El Kady- CEO and Managing Director stated that The Egyptian market of treasury bills and bonds is witnessing an attractive climate in the last period. Which reflects the investors either local or foreigner trustworthy in the Egyptian economy development.
He mentioned that UB aims to support and boost securities local market as one of the most important investment mechanisms that reflect the state of the attractive economic activities due to high returns and low risks.
El Kady added that UB custodian service works as per the international standards in performance regarding quality and service efficiency. That allowed it to be a trustworthy service for a huge number of customers. UB is regarded a pioneer bank in providing custodian services for securities market traders in The Egyptian Stock Market.
The Central Bank of Egypt
El Kady pointed out that The Central Bank of Egypt is supporting all the Egyptian operating banks in the Egyptian Market to provide distinctive banking and non- banking services to meet customers’ needs as per the international quality standards.
EFSA issued a manual to guide the traders in non- banking sector finance. This manual contributes to provide individuals with all information about non- banking products and service. Moreover, it provides them with awareness steps regarding their rights and responsibilities in securities market trading.