Cairo – Beltone Financial Holding, one of the largest investment banks in the MENA region, on Sunday announced the launch of a new brand.
This step comes as part of the company’s new strategy which primarily focuses on expanding the range of financial services provided to customers inside and outside Egypt and maximising the proceeds from the company’s investments, Beltone’s managing director and CEO, Ibrahim Karam, said in a statement.
Beltone has already expanded into non-banking financial services by setting up two subsidiaries in financial leasing and mortgage sectors, Karam added.
The Cairo-based firm also seeks to acquire the required licence to provide installment sales services, he pointed out.
Beltone also considers fostering its presence in the GCC region during 2020 and entering new markets in Africa given the high growth prospects in several African markets, he noted.
Karam further revealed plans to increase the company's mortgage funding and financial leasing portfolios to EGP 300 million and EGP 400 million, respectively, along with generating EGP 45 million in its installment sale portfolio by the end of 2020.
It is worth mentioning that during the first nine months of 2019, Beltone’s losses attributed to the parent company's shareholders swelled to EGP 63.3 million from EGP 27.2 million in the year-ago period, including minority shareholders’ rights.
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