The Central Bank of Egypt (CBE) has decided to pump EGP2.5bn into United Bank of Egypt, bringing the bank’s capital up to EGP3.5bn. The CBE owns 99.9% of the bank’s shares. According to Ashraf Elkady, Chairman of the United Bank, the CBE’s injection of new capital will help finance the bank’s growth plans and strengthen its capital base. The bank targets a strategic expansion by growing its branch network, offering new products and revamping its infrastructure and IT systems, according to Elkady. He added that the capital injection will help the bank to increase its market share and maximise its value as a prelude to putting the bank up for sale during 2017. (The Daily News Egypt)