Cairo – Mubasher: Beltone Financial Holding has obtained licences to launch three new companies for venture capital, financial leasing, and consumer finance, according to a bourse disclosure on Tuesday.  

The three companies are expected to be launched in September as part of the investment bank’s plan to diversify into non-banking financial activities in an attempt to be profitable in 2021, the CEO, Ibrahim Karam, told Reuters.

The financial leasing company’s portfolio is expected to stand at EGP 600 million in the first year of operations, whereas the consumer finance company is forecast to have a portfolio of EGP 400 million, Karam added.

During the first half (H1) of 2020, Beltone, owned by the Egyptian businessman Naguib Sawiris, incurred net losses of EGP 20.52 million, down from EGP 67.43 million in H1-19, including minority shareholders’ rights.