Banque Misr teams up with three partners to launch leasing unit

Banque Misr, Egypt’s second largest state lender, is linking up with Misr Financial Investments, Misr Insurance Holding Company, and Long Live Egypt Fund to establish a new leasing firm.

Banque Misr, which holds the majority stake in the new firm, has signed the establishment agreement with his partners, the bank’s chairman Mohamed Eletreby revealed in an interview with DMC local channel late Tuesday.

Banque Misr and Misr Financial Investments have a 51 percent stake in the new firm, Eletreby told Amwal Al Ghad, in earlier statement, adding that Misr Insurance and Long Live Egypt Fund own around a 39 percent stake.

“The bank also plans to launch a new firm for mortgage activities in the coming period to provide citizens with funds needed to buy housing units.” the banking official added.