Banque Du Caire to set up SMEs-focused investment company

The bank is also studying a number of investment opportunities, including companies and investment funds in the fintech sector

  
A branch of Banque Du Caire is pictured at the Upper Egypt city of Aswan, Egypt February 21, 2020.

A branch of Banque Du Caire is pictured at the Upper Egypt city of Aswan, Egypt February 21, 2020.

REUTERS/Amr Abdallah Dalsh
 

Egypt - Banque Du Caire (BDC) is considering the establishment of an investment company in the small- and medium-sized enterprises (SMEs), with a targeted capital of EGP 500 million, Head of Investments at BDC Mohamed Ragai told Al Shorouk News.

The anticipated company aims at investing in SMEs, particularly manufacturing activities with annual revenues that do not exceed EGP 50 million, Ragai added.

Moreover, the bank is also studying a number of investment opportunities, including companies and investment funds in the fintech sector, he noted.

Ragai also highlighted that the bank has already stablished a company for offering e-payment solutions, with an authorized capital of EGP 500 million.

The new e-payment solution provider is expected to begin operations prior to the end of 2021, he added.

In another context, BDC has pumped around $1.4 million in the capital of its 100%-owned Cairo Bank Uganda, bringing its total capital to $19.4 million, Ragai pointed out.

Founded in 1952, BDC is one of Egypt's oldest and largest banks headquartered in Cairo. The bank operates over 231 branches in Egypt.

Copyright © 2021 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Financial Services