Egyptian billionaire’s investment bank Beltone gets licences for three new firms

Beltone Financial Holding, the Egyptian investment bank owned by billionaire Naguib Sawiris, has obtained licences to launch three new companies for venture capital, financial leasing, and consumer finance.

The three companies are expected to be launched within next September as part of the Beltone’s plan to diversify into non-banking financial activities in an attempt to be profitable in 2021, its chief executive Ibrahim Karam said on Tuesday.

The financial leasing company’s portfolio is expected to record 600 million Egyptian pounds ($37.6 million), whereas the consumer finance company is expected to have a portfolio worth 400 million pounds, Karam added.

During the first half of the current year, Beltone posted net losses worth 20.52 million pounds, down from 67.43 million pounds during the same period in 2019.