Banque Misr’s leasing unit to start factoring services in Q1 2019 – CEO
BM Lease Company, jointly owned by Egypt’s second largest public bank Banque Misr, expects to begin offering factoring services in the first quarter of 2019, its chief executive Hesham Shatta told Amwal Al Ghad on Saturday.
This will be part of the company’s plan to push into more non-banking services, Shatta added.
Factoring is a financial transaction in which a company sells its debt to a third party at a discount for immediate financing so that it can begin operations.
BM Lease Company was founded in 2017 with an authorised capital 500 million Egyptian pounds and paid-in capital is 100 million pounds. Its shareholders comprise of Banque Misr with a 41 percent share, Tahia Misr Holding for Financial Investments Company 39 percent, Misr Capital Investment Company 10 percent, and Misr Insurance Holding Company 10 percent.