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GB Auto's unit gets approval to provide consumer financing services

GB Auto's unit gets approval to provide consumer financing services
GB Auto achieved net profits of EGP 363.02 million in six months
GB Auto
AUTO
-6.67% 2.88 -0.20

Cairo – Mubasher: Ghabbour Auto (GB Auto) announced that its subsidiary Drive Finance has obtained preliminary approval from the Egyptian Financial Regulatory Authority (FRA) to provide consumer financing services, along with auto loans.

This move is line with the company’s vision of developing its non-banking financial services (NBFS), which include leasing, factoring, micro-finance, mortgage finance, securitisation, fleet-leasing, life insurance, and e-payments, GB Auto said in a bourse disclosure on Wednesday.

During the first six months of 2020, GB Auto achieved net profits of EGP 363.02 million, up from EGP 113.4 million in the same period in 2019, including minority shareholders’ rights.