Beltone Financial is not interested in acquiring Blom Bank Egypt: Sawiris
He told Hapi Journal that OIH — post-horizontal demerger —has not begun steps towards entering the banking sector.
The Lebanese bank had earlier this year announced it was seeking to sell its Egypt assets as its home country suffers its worst economic crisis in decades.
BLOM Bank Egypt has 41 branches and a paid-up capital of 2 billion Egyptian pounds ($127 million), according to the Lebanese bank’s website.
Sawiris ruled out moving towards owning a bank in Africa during the current stage, a step that has been on table some time ago.
The FRA approved last week OIH’s demerger, allowing the group to become two separate companies.
Orascom Financial Holding (OFH) and OIH were created from the agreement that would see the former take control of the company’s financial services operations including a 74.5 percent stake in Beltone Financial and 28.8 percent of Sarwa Capital.
The latter would retain all of its investments in its eight subsidiaries, including Orascom Telecom Ventures, O Capital, and Orascom Pyramids, along with its sister Cheo Joint Venture Technology company