2 Egyptian Banks, MIC plan EGP100mn Co. for Mortgage Lease

Misr Insurance Holding Company Chairman Dr. Mohamed Youssef revealed that Blom bank and Egyptian Gulf bank (EGB) approved to contribute in launching Mortgage Lease company which  Misr Insurance Holding plans to launch it with EGP100 million capital.

In early of 2014, Misr Holding announced to launch 3 new firms one for Mortgage Lease and the others to practice takaful insurance activity.

In a statements to Amwal Al Ghad Arabic’s Website, Youssef explained that it was eventually agreed with the 2 banks in order to contribute in the new company, noting it is expected that the procedures of launch will be finalised by the end of the ongoing year.

Moreover, Misr Holding invests in more than 264 firms affiliated to various fields, including 8 banks and it always seeks to support the financial center of these firms through the contribution in boosting its capital as it aims to increase its investments in all channels and different awareness.