ArabFinance: Ghabbour Auto (GB Auto) (AUTO) announced that Drive Finance Company has received preliminary approval from the Financial Regulatory Authority to launch consumer financing activities, according to the GB Auto’s statement filed to the Egyptian Exchange.
In addition, Drive Finance will secure auto loans to widen and deepen GB Auto’s exposure to various market segments.
Drive will also be able to tap a variety of previously inaccessible market segments through the introduction of consumer financing services, the statement highlighted.
This move comes in line with GB Auto’s non-banking financial institution (NBFI) offerings, which currently include leasing, factoring, micro-finance, mortgage-finance, securitization, fleet-leasing, life insurance and e-payments.
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