CAIRO: Egyptian financial services firm Pioneers Holding s net income dropped 66 percent in the third quarter, it said in a statement to the Egyptian stock exchange on Monday.
The firm announced earlier this month that it would buy investment bank Beltone Financial in an all-share deal worth almost $130 million. The merged entity would have $5.3 billion in assets under management.
Pioneers said its third-quarter net income was LE 11.2 million ($2.1 million), down from LE 33.1 million in the third quarter of 2008. Revenue edged down to LE 48.4 million from LE 48.7 million. -Reuters
