Banque du Caire’s leasing arm signs $49mln deals in H1
Banque du Caire’s financial leasing arm, Cairo Leasing Company as signed deals exceeding 800 million Egyptian pounds ($49 million) during the first half of 2019.
A source told Amwal Al Ghad Cairo Leasing Company has captured a market share of 3.6 percent by the end of June 2019.
In 2018, the Central Bank of Egypt has approved Banque du Caire’s plan to set up a financial leasing arm for the bank with 500 million Egyptian pound in capital.
Tarek Fayed, Chairman of BDC referred to the importance of establishing the new company as part of the its expansion plan. In addition, The leasing activity contribute with funding leading companies along with small and medium companies.
The total value of leasing contracts during H1 2019 reached 22.78 billion compared to 16.08 billion pounds during the same period a year earlier with an increase of 41.6 percent. The number of contracts increased from 869 contracts to 1.397 contracts.