CAIRO  РEgyptian investment bank Beltone Financial Holding is diversifying into non-banking financial activities in a bid to return to profit in 2021, its CEO told Reuters on Tuesday.

The bank, one of Egypt’s biggest financial groups, will set up three new subsidiaries in September, for financial leasing, consumer finance and venture capital, CEO Ibrahim Karam said.

The financial leasing company will have an expected portfolio of 600 million Egyptian pounds ($37.78 million) within the first year of operations, while the consumer finance company’s portfolio is expected to reach 400 million pounds in the first year, Karam said in an interview.

Beltone, controlled by Egyptian billionaire Naguib Sawiris, had already obtained licences for the new companies this month, hired staff, set up offices and even agreed on some deals, he said.

“The new companies, along with strengthening existing activities, will help us return to profit in 2021,” Karam said.


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