GB Autos arm to open 4 new branches in Q1 2022

Egypt - Drive, a subsidiary of GB Auto (AUTO), is targeting expansion across the governorates of Egypt in providing financing services and expanding its customers’ base in the auto financing activities, the company’s Managing Director Ahmed Ossama told Al Borsa Newspaper.

The company aims at opening four new branches in the first quarter of 2022, Ossama highlighted.

The expansion will focus on the governates that need more financing services such as the Nile Delta, Greater Cairo, and Upper Egypt, he said.

The company will inaugurate its first branch in Heliopolis in October 2021, he pointed out, adding that it has already opened a branch in Tanta.

It is worth noting that GB Auto obtained a final licence for its factoring arm Drive to practice the activities of consumer finance as the Financial Regulatory Authority (FRA) approved to add the activity of consumer finance to the company’s purposes.