Banque Misr’s leasing arm pump funds of $55.8 mln in 9 months

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The leasing arm of Egypt’s second state lender Banque Misr has pumped funds of one billion Egyptian pounds ($55.8 million) during the first 9 months of 2018, its managing director Hisham Sheta said.

He told Amwal Al Ghad that BM Lease was seeking to achieve contracts of one billion pounds within 2018 a goal that has been achieved in 9 months, it is expected that the value of contracts would increase to 1.2 billion pound by the end of the year.

Sheta added that the company plans to double its capital from 100 million pounds to 200 million pounds in order to expand in the market and duplicate its business volume.

Founded in 2017, BM Lease’s shareholders also include Tahia Misr Holding for Financial Investments Company, Misr Capital Investment Company, and Misr Insurance Holding Company.