Headed by Ashraf Elkady, the board of the United Bank of Egypt decided to appoint Nevine Kashmiri as the assistant to the managing director of the department for funding large, and small- and medium-sized enterprises (SMEs).
According to a statement by the bank, the step aims at expanding the base of the bank’s credit activity, and acquiring a bigger segment of the Egyptian market, especially in the field of financing large companies and SMEs, Islamic financing, and syndicated loans.
Kashmiri has extensive banking experience in the field of credit, especially of major companies, as she worked in a number of major banks including Egyptian Gulf Bank and Greece’s Piraeus Bank. She was also a board member in Piraeus for financial leasing, Prime Holding for securities, Tanmeyah Micro Enterprise Services, and other companies. Moreover, she obtained many specialised certificates, and attended banking, administrative, and credit training courses.
In her first statement after she took office in the United Bank of Egypt, Kashmiri said that the bank has human resources and technical capabilities, as well as wide presence geographically, qualifying it to acquire a larger segment of the Egyptian credit market, especially in light of the policy the state is adopting to improve economic performance and achieve sustainable development for Egypt.
She added that she is now restructuring the funding department in accordance with the newest international banking systems, in preparation for significantly increasing the size of the financing portfolio in the next period.
The financing sector of the bank will include five major units: syndicated loans, large enterprises, SMEs and micro financing, start-up financing, and Sharia-compliant financing, which is an important department under the steady increase in the demand on Sharia-compliant financing, according to Kashmiri.