The central bank has approved an EGP 2.5 bn capital increase for the United Bank of Egypt, ahead of its impending sale to a strategic investor scheduled for this year, Chairman Ashraf El Kady told Al Mal. The bank’s capital increase, which increases its capital to EGP 3.5 bn, is financed through a 2013 subordinated loan from the central bank, as per news from last August. The Bank is set to be sold to a strategic investor sometime this year.

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