Beltone Financial, one of the largest investment banks in Egypt and the Middle East, has signed an agreement to sell its US subsidiary, Auerbach Grayson, to a group of investors.
Beltone said in a statement on Thursday that the agreement will be finalized after obtaining the approval of the Financial Industry Regulatory Authority (FINRA) in the US.
Beltone said that the sale is driven by the company’s aim to focus on investment banking activities in the Egyptian and neighbouring markets, in addition to expanding in non-banking financial services that the company has started since the beginning of 2020. The move also aims at maximising the return on the company’s investment and restructuring it.
