Egypt’s Beltone to launch two subsidiaries to provide leasing, mortgage services

Egyptian investment bank Beltone Financial Holding said on Monday its board approved to launch two 98 percent-owned subsidiaries for financial leasing and mortgage financing activities.

Beltone, controlled by Egyptian billionaire Naguib Sawiris, received approval from the Egyptian regulator to launch new non-banking financial activities within 2020, including financial leasing, mortgage financing, and consumer financing. It seeks to later plans begin other activities such as micro-finance, insurance, and factoring.

In November 2015, Sawiris bought Beltone Financial for about 650 million Egyptian pounds. It now has 13 subsidiaries specialising in investment, asset management, and securities.

The company has branches in Europe, United States, and the Middle East. It aims to become Egypt’s second biggest brokerage this year, the bank’s chief executive Ibrahim Karam told Reuters later on Monday.