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

The addition will help widen GB Auto's exposure to several market segments and complement its non-banking financial services, which include leasing, factoring, micro-finance, mortgage finance, securitisation, fleet leasing, life insurance, and e-payments, the company said in a bourse disclosure on Sunday. 

During the first quarter (Q1) of 2021, GB Auto achieved net profits of EGP 349.52 million, up from EGP 216.15 million in Q1-20, including minority shareholders’ rights.