Cairo – The United Bank currently considers injecting loans worth EGP 650 million in the current period, the lender’s chairman Ashraf El-Kady told Mubasher on Wednesday.

Such loans are planned to be directed to financial leasing firms, he added, noting that the bank also plans to provide factoring services through its totally owned subsidiary, the United Leasing Company.

It is noteworthy that during the first half of 2019, the lender posted a net profit of EGP 650 million, compared to EGP 487.5 million in the corresponding period a year earlier.

In addition, the United Bank, 99%-owned by the Central Bank of Egypt (CBE), aims to raise its profits to EGP 1.4 billion for the full-year 2019, El-Kady previously said.

In July, the CBE’s governor Tarek Amer said that EFG Hermes Holding Co, CI Capital Holding, Pharos Holding, and HC Securities and Investment are jockeying for advising on the sale of a stake in the United Bank which has a capital of EGP 3.5 billion and 54 branches spread across the country.

Earlier in October, Amer revealed that two investment banks (one local and one foreign) were selected by the CBE as sell-side advisers on the transaction.

Source: Mubasher Exclusive

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