Union Bank Egypt to grow its financing portfolio to SMEs
Union National Bank-Egypt (UNB) intends to grow its financing to the Small and Medium enterprises to eight percent of its total loan portfolio by year end owing to what it says is the growing importance of the sector to the economic growth.
The financial service provider further says it will grow this financing to 20 per cent in the next four years in a strategy that has also seen it invest in training programmes for the small companies to improve their performance.
The bank has the ambition to expand in the SMEs sector, with plans to reach various segments of different social backgrounds. Moreover, it aims to attract clients of this sector and provide them with training programmes to improve their performance.
According to the bank’s Vice Chairperson Mohammad Nasr Abdeen, the bank provides financing solutions for various segments of SME clients, offering services that fit their needs, with the highest quality standards through the bank’s branches across the republic.
He pointed out that the bank established an SMEs department with highly trained experienced staff working non-stop to develop the sector and provide better opportunities for small investors.
“The bank is constantly seeking to raise the efficiency of the staff dealing with SMEs,” Abdeen said. “We aim to reach the desired growth in the bank’s portfolio for this sector, which comes in line with our policy to support and develop these projects.”
Furthermore, he said that the bank has already launched a number of SMEs financing programmes in collaboration with the Social Fund for Development.
He added that the bank is sponsoring a number of specialised programmes that aim to spread awareness of these projects; provide assistance for conducting feasibility studies; direct youth with ideas to begin their projects; and teach them successful management, in addition to train young investors on the hands of experts in marketing, management and soft skills.
