United Bank of Egypt Chairman Ashraf El-Kady has set in place a five-year work strategy for the bank despite a recent announcement by the Central Bank of Egypt (CBE) that it would sell the bank to a strategic investor by the end of 2016.
El-Kady aims to work together with the bank’s staff in order to enhance its position in the Egyptian market.
In a press release, El-Kady explained that the bank’s staff—with support from CBE—was able to carry the responsibility of managing the bank. It was efficiently able to administer an integrated work system of restructuring, rehabilitation, and dealing with delinquent files. Soon the bank transformed from being a weak bank into one that achieves significant revenue thanks to the specific vision and effective strategy it adopted.
El-Kady took office in the United Bank of Egypt on 15 March, with four major files to work on over the next five years.
According to El-Kady, the first file to be addressed is increasing the bank’s market share through geographical expansion and varying the banking services offered to clients.
The second file is supporting the state’s plans for comprehensive development through activating CBE’s initiatives that support small- and medium-sized enterprises (SMEs), as well as real estate financing, especially for those with low- and middle-income.
The third file is to create a comprehensive work plan in order to develop human resources and enhance employees’ technical skills.
The fourth file involves continuing to overcome the issue of delinquency. The staff has already managed to achieve great results in this regard, according to El-Kady.
He noted that the United Bank has developed a plan to expand the financial inclusion range as part of its strategic goals. The aim is to reach the largest segment of clients possible, whether individuals or owners of SMEs.
“Islamic money exchange in Egypt is still productive, and the bank has an expansion plan for products that suit the provisions of Shariaa [Islamic law] in order to be able to compete in the market. The products include MasterCard ‘Rakhaa’, ‘Dyar’ mortgage services, ‘Al Awal’ personal finance, electronic payment programmes, travel and trip funding programmes, and educational funding,” said El-Kady.
He added that the bank will continue to play its role in supporting the community through the management of “Ethar” for community development.