CBE pumps EGP 2.5bn into United Bank’s capital
The Central Bank of Egypt (CBE) decided to pump EGP 2.5bn into United Bank, bringing the bank’s capital up to EGP 3.5bn. The CBE owns 99.9% of the bank’s shares.
According to Ashraf Elkady, chairperson of the United Bank, the CBE’s injection of new capital will give a strong boost to the bank and its team to develop its business, strengthen the capital base, and raise the capital adequacy.