Egypt’s Beltone seeks controlling stake in Oragroup

Beltone eyes bigger presence in Africa

Egypt’s investment bank Beltone Financial Holding seeks a controlling stake in Oragroup, which owns banks in 12 African countries, as it looks to expand its financial services on the African continent.

Beltone Financial said in a statement late on Saturday that its board had agreed to sign a non-binding offer to set out indicative terms for the transaction.

It did not disclose the exact size of the stake it is looking to acquire or the potential terms.

Oragroup has 143 branches serving more than 400,000 clients in 12 African countries in western and central Africa, the Beltone statement read.