Egypt-based United Bank has committed to provide EGP300m ($42m) finance in personal loans to boost its retail lending share in the country’s market.
United Bank general manager of branches and retail banking sector Azza Radwan was quoted by Amwal Al Ghad Arabic’s Website as saying that the bank signed cooperation agreement with mortgage finance fund worth EGP350million ($45m) in the last month in order to make the best use of CBE’s initiative to support middle and low categories, as reported by zawya.com.
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The capital commitment will enable the bank to boost its retail portfolio up EGP1bn ($140m) compared to EGP700m ($98m) during the first quarter of this year.
The bank aims to meet the requirements of all clients throughout, offering products and programs that comply with all the personal loans and credit cards of clients, Radwan told the news portal.
United Bank operates a branch network of 48 offices and a fleet of more than 120 ATM machines across the country to meet all the financial and banking needs of its clients.
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