Banque Misr’s leasing arm signs $23.3 mln deals in Q1

The leasing arm of Egypt’s second state lender Banque Misr, BM Lease said on Tuesday it has signed contracts of 400 million Egyptian pounds ($23.3 million) during the first quarter of this year.

BM Lease seeks to sign new leasing contracts worth 1.3 billion pounds within the current year in different fields, its managing director Hisham Sheta told Amwal Al Ghad.

BM Lease earlier signed a syndicated loan deal of 237 million pounds with El-Taamir Mortgage Finance- Al-Oula and Global Lease to finance a part of the investments of a project in El Shorouk City in favour of Maadi for Development and Reconstruction, Sheta added.

At the end of February, 259 leasing firms operating in the Egyptian market signed contracts up to 4.9 billion pounds, compared with 127 contracts of 1.6 billion pounds during the same month in 2018.

Founded in 2017, BM Lease’s shareholders include Banque Misr (41 percent), Misr Capital Investment (10 percent), Tahia Misr Holding for Financial Investments (39 percent), and Misr Insurance Holding (10 percent).