|Name:||The United Bank|
|Address:||P.O.Box : 85|
In a move that surprised the international banking community, a decision made by The Central Bank of Egypt on the 29th of June, 2006, was the establishment of The United Bank. In order to activate the banking reform policy, which began in Egypt since 2003, to maintain strong banking entities, able to compete in the open market, and to support the overall Egyptian development. Specific standards and important decisions resulted in the stability of exchange rates, the elimination of the black market and the reduction in the number of banks operating in the domestic market from 69 to 39 banks, aiming to strengthen their performance, and encouraged local and foreign investors which increased economic growth rates. The United Bank acquired three weak entities that were not able to withstand the laws and policies of banking reform. Those three entities were: The ex-Egyptian United Bank, The ex-Islamic Bank for Development and Investment and The ex-Nile Bank.