BM for Financial Leasing (BM Lease) aims to pump funds in the market of 1 billion Egyptian pounds ($56 billion) during the current year, Hisham Sheta, managing director of the company said
BM Lease started its activities in October after the company was established in March. It managed to build a portfolio worth 360 million so far.
BM Lease funds, he said, were directed to the sectors of industry, telecommunications, and real estate development.
The company plans double it capital during 2018 to register 200 million Egyptian pounds, he added.
The paid-up capital of BM Lease is EGP 100m. The structure of its shareholders is distributed as 41% owned by Banque Misr, 10% by the bank’s Misr Financial Investments Company, 39% by Tahya Misr Investments, which is affiliated with the Tahya Misr Fund, and a similar percentage by the Holding Company for Insurance.
The company is in talks with number of government banks to secure loans of 800 million pounds during the current year.
BM Lease plans to build a balanced debts portfolio between the different economic sectors so that the concentration percentages are no more than 25% per activity.
The company’s strategy greatly focuses on small and medium enterprises, with its ability to strongly compete, with support derived from the strength of its shareholders and the growing financial leasing activity over the upcoming period.