ArabFinance: Contact Financial Holding (CNFN) and Abou Ghaly Motors are expected to launch their joint venture (JV) Abou Ghaly Finance within the coming months, CEO of Contact Financial Saeed Zaatar told Enterprise.
The JV will provide financing solutions to clients aiming to purchase vehicles from Abou Ghaly Motors, Zaatar highlighted.
The company has applied for a license from the Financial Regulatory Authority and hopes to receive it in the coming months, Zater said.
The new company seeks to receive a license from the Financial Regulatory Authority (FRA) in the coming months, he pointed out.
Abou Ghaly Finance will offer various payment plans and methods that clients can choose from, as well as solutions to assist them in paying for maintenance costs, spare parts, and different types of insurance, according to a press release.
In August, Abou Ghaly Motors and Contact Financial have signed a cooperation agreement for the establishment of Abou Ghaly Finance, with the aim to offer fully-integrated retail financing solutions in the Egyptian market.
Contact Financial Holding, formerly Sarwa Capital, is a non-bank financial services provider, changing the way people and business access finance and insurance.
Operating since 2001, Contact adopts innovative approaches in extending its services, offering quality services with simple procedures, and reaching a wide client base through its various subsidiaries, affiliates, and partners.
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