Beltone (“Beltone Financial Holding”), one of the fastest-growing investment banks, announces that its wholly owned subsidiary Beltone Leasing Company (“the Company”) has received the Financial Regulatory Authority’s final approval on adding Factoring to the Company’s lines of business, enabling it to become a fully-fledged alternative finance provider.
The Company plans to capitalize on this new license in light of the growing demand for immediate access to cash flows and alternate sources of finance by medium and large sized corporations, while reducingthe associated creditrisk. The Company’sname was changedto “Beltone Leasing & Factoring Company”. Recently, the Company increased its paid in capital to EGP1 billion, to become the largest Egyptiancompany in the field in terms of paid in capital. Earlierthis year, the Company signed multiple transactions worth approximately EGP4 billion.
Amir Ghannam, Beltone Leasing & Factoring’s CEO commented: “Our target is to enrich the market by offering creative solutions to support businesses, factoring products are just the beginning. We onboarded a fully-fledged team to overlook factoring activities headed by Haytham Farid as Factoring Managing Director, one of the founders of the factoring industry in Egypt with more than 25 years of experience in banking and factoring activities, as we believethat human capitalis a key enablerto achieve our vision”.
