By: Islam Fadil
Cairo – Mubasher: The United Bank's delinquency portfolio, under the Central Bank of Egypt’s (CBE) initiative to settle debts of defaulters with a less than EGP 10 billion debt, has reached EGP 530 million, the UBE’s vice chairman Farag Abdel Hamed told Mubasher.
Defaulters’ debts to the United Bank have recorded EGP 530 million, EGP 500 million owed by 270 companies and EGP 30 million owed by 400 clients, Abdel Hamed added.
On 27 June, the CBE launched an initiative to settle debts of defaulters with a less than EGP 10 billion debt including the debts of retail customers, which excluded credit card balances.
The initiative is planned to end on 31 December 2018.
Translated by: Muhammad Khalid
