The Clap
EGBank (EGBE) is interested in investing about EGP 2 billion in the non-banking financial services sector.
The Deets
Investment in the sector will be through acquiring direct and indirect stakes in the target companies over 3 years.
The bank’s interest in the sector does not stop with investing in other companies. The CEO revealed that the bank obtained a license to establish a consumer finance company with a capital of EGP 270 million.
Why this Matters
These steps are in line with the bank’s expansion strategy, in addition to its plan to further work with young companies, particularly in the fintech sector.
EGBank studying other sectors 🤝
