The United Bank opens the first two foreign currency exchange offices in Cairo governorate out of 5 offices nationwide

01/09/2018

Under the 2018 Plan
The United Bank opens the first two foreign currency exchange offices in Cairo governorate out of 5 offices nationwide

Ashraf El Kady – Chairman of The United Bank
• The strategy of launching currency exchange offices to serve customers and achieve financial inclusion
• The central regulator's decision to grant banks licenses to set up currency exchange offices and exchange companies
• The bank offers a package of smart digital services to replace foreign currencies 24/7 days

Cairo: 09/01/2018

The United Bank announced the opening of the first two foreign exchange offices in the Dokki area and Down-Town after obtaining the approval of The Central Bank of Egypt as part of an integrated plan to open 5 offices to replace foreign currencies at the level of the Republic in 2018.

Ashraf El Kady, Chairman of the United Bank, inaugurated the first two foreign currency exchange offices in Cairo Governorate in the presence of Farag Abdel Hamid, Deputy Managing Director, and Nevine Kashmary, Deputy Managing Director of the Business Sector, Rehab Azmy, General Manager of Retail Banking and Branches and the bank's teamwork.

The strategy of launching currency exchange offices to serve customers and achieve financial inclusion
Ashraf El Kady said that The United Bank obtained the approval of The Central Bank of Egypt to open five offices of foreign currencies exchange in 2018, in order to meet the needs of customers at the level of all governorates of the Republic. This is part of the Bank's integrated strategy to extend banking services to a larger base of customers and beneficiaries in order to achieve the national system of financial inclusion.

El Kady said that these offices are in the process of exchange all types of foreign currency at the official price declared to The United Bank. As part of the regulatory measures of the market announced by The Central Bank of Egypt after the liberalization of the exchange rate in November 2016.

The Central Bank granted the license to Banks
On the decision of The Central Bank of Egypt to grant licenses to banks to set up branches and offices of foreign currencies exchange, Ashraf El Kady points out that the decision is wise and will lead to positive results reflected on supporting the stability of the exchange rate and reducing the black market for currency trading and work on the rise of dollar proceeds. Especially in light of the existence of a law that criminalizes dealing in foreign currency exchange markets except through branches and offices of banks or subsidiaries of banks.

El Kady supported the banks' strategy to expand the establishment of currency exchange offices after a thorough study of the areas that require this service, in addition to the regional expansion to block all ways to tampering with the capabilities of the state with a degree of ease in dealing away from crowding in the banking halls.
He added that these offices are characterized by a small number of employment and extended working hours, which encourages customers to turn to dealing through banks and exchange offices and exchange companies.

Geographical distribution of The United Bank's offices of foreign currencies exchange
Ashraf El Kady pointed out that the geograp