Egypt’s FRA grants new non-banking finance licences

Egypt’s Financial Regulatory Authority (FRA) has approved new licences for four companies in the non-banking financial sector and cleared two banks to deal in government securities in the secondary market, it said in a statement Tuesday.

The FRA’s Incorporation and Licensing Committee licensed Al Ahli Kuwaiti – Egypt Leasing to add factoring to its activities and IFS Financial Solutions to add leasing alongside its core factoring business. Aspire Capital Holding for Financial Investments was authorised to operate investment funds, either independently or in partnership with others, while AUR Capital was approved to enter the mortgage finance business.

The committee also cleared the Arab African International Bank and AlexBank to register as dealers in government securities and instruments in the secondary market.

The FRA said the committee is responsible for licensing companies in the non-banking financial sector, approving new activities, amending corporate bylaws, and overseeing changes in legal and regulatory status. It also handles requests to open or close branches, suspend or liquidate activities, and register or remove founders’ agents.

Attribution: Amwal Al Ghad English