Misr Finance, which was recently established by Misr Insurance Holding Company, aims to increase its financing portfolio to EGP 2.5bn within 3-5 years.
Mahmoud El-Sakka, Chairperson of Misr Finance, said that the company obtained an operating licence for financial leasing and factoring from the Financial Regulatory Authority.
He told Daily News Egypt that the company held its first board meeting on Wednesday to discuss work plans and prepare for actual operation, noting that the company’s capital amounts to about EGP 100m.
Misr Insurance Holding owns 85% of Misr Finance, while the remaining percentage is distributed among subsidiaries of the holding company; 10% by Misr Life Insurance, and 5% by Misr Real Estate Management.
The investment portfolio at Misr Insurance jumped for the first time in the group’s history to more than EGP 75bn.
During the coming period, the group aims to expand in non-bank financial activities, including financial leasing, factoring, microfinance, and consumer finance, in addition to increasing its investments in the health and education sectors and supporting MSMEs.