Egypt Zones accountACCOUNT

Egyptian Tycoon Sawiris Seeks To Control Group Owning Banks in 12 African Countries

Source: www.export-egypt.com 5/21/2018, Location: Africa

Share |
Beltone Financial, one of Egypt’s largest investment banks affiliated with business tycoon Naguib Sawiris, said that the board of directors had agreed to acquire a controlling stake in the URA Group, which owns banks in 12 African countries, Reuters reported.

The board of directors agreed to authorize the chairman, vice president or managing director of the Beltone Financial to “sign a non-binding purchase offer and send it to the sellers,” Beltone said in a press release.

Beltone is one of Egypt’s largest financial institutions and is followed by 18 companies specializing in investment, asset management, securities and IPO coverage.

Beltone stated its board of directors had agreed to “appoint a financial, legal and technical adviser to start the due diligence process, as well as to initiate negotiations with vendors to reach agreement on the deal.”

In February 2017, Beltone acquired 60 percent of the Auerbach Grayson brokerage firm, which operates in more than 125 countries.

Riverbank SA, which is majority-owned by Egyptian business tycoon Sawiris, officially launched operations in Europe on April 2017.

The bank specializes in small and medium enterprises in financing and will primarily focus on opportunities in the Benelux Union and Germany.

The core loan target size is in the range of €750,000 to €3 million, with co-investment opportunities in deals up to €10 million at a maturity rate between 3 to 7 years.

With a fortune of $3.9 billion, Naguib Sawiris ranked as the second richest person in Egypt at the Forbes 2017’s list of the world’s richest people.

He turned half of his 5.7 billion net worth into gold, reported financial newspaper Bloomberg earlier in May.

Sawiris was the former chairman of the Orascom Telecom company.

He made most of his fortune through communications when he founded Orascom, and also has interests in mining and construction. He stepped down as chairman in 2017.

Financials and Investment News in Egypt >>

Egypt >>  11/9/2024 - South Korean Ambassador to Cairo Kim Yonghyon praised steps taken by the Egyptian government to attract foreign direct investment.

South Ko...

Egypt >>  11/9/2024 - Chairman of the Egyptian Financial Regulatory Authority (FRA) Mohamed Farid took part in the International Organization of Securities Commissions (IOS...

Egypt >>  11/9/2024 - Minister of Housing, Utilities and Urban Communities Sherif el Sherbini had a meeting with Cameroon's Minister of Housing and Urban Development Celest...
Egypt >>  11/9/2024 - The Micro, Small and Medium Enterprise Development Agency (MSMEDA) is cooperating with the World Bank (WB) to upgrade the Egyptian Entrepreneurship ec...

Egypt >>  11/9/2024 - Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel el Wazir had a meeting with Hayrettin Akgun Okay, CEO of...
Egypt >>  11/9/2024 - Minister of Planning, Economic Development and International Cooperation Rania el Mashat said that 42% of the public investments of the plan of the cu...




Egypt Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | 90 |

More News

Oil & Gas Companies in Egypt >>

Related Links

Egypt Zones
Copyright © Universal Solutions All rights reserved. - Privacy Policy.