Beltone Financial Holding, a leading investment bank in Egypt, announced that its subsidiary Beltone Leasing has obtained the final approval from the Financial Regulatory Authority to add factoring to its lines of business. This will enable the company to provide a full range of alternative financing solutions for medium and large-sized corporations.
Factoring is a financial service that allows businesses to sell their accounts receivable to a third party at a discount, in exchange for immediate cash. This can help businesses improve their cash flow and reduce their credit risk.
The company has changed its name to Beltone Leasing & Factoring Company and has increased its paid-in capital to EGP 1 billion, making it the largest Egyptian company in the field in terms of paid-in capital. The company has also signed multiple transactions worth approximately EGP 4 billion this year.
Amir Ghannam, the CEO of Beltone Leasing & Factoring, said: “Our target is to enrich the market by offering creative solutions to support businesses, factoring products are just the beginning. We have hired a fully-fledged team to oversee factoring activities, led 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. We believe that human capital is a key enabler to achieve our vision.”
