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CBE approves establishment of Banque du Caire's leasing company with EGP 100m paid-up capital Company will contribute to a better future for bank's investment, financing plans: Fayed
Banque du Caire has obtained the Central Bank of Egypt (CBE)'s approval to establish a leasing company with paid-up capital of EGP 100m and authorised capital of EGP 500m, according to Tarek Fayed, chairperson and CEO of the bank. He said that the new company will contribute to achieving the bank's vision of creating non-banking finance channels, in line with the Egypt's economic development programme and Vision 2030. Fayed added that this step came as part of the bank's expansion plan, pointing out that the leasing company will effectively contribute to financing large companies, as well as small and medium-sized enterprises, which are not adequately financed. According to Fayed, Banque du Caire aims to reach the forefront of the finance lease market through the development of traditional financing tools and creating a new competitive advantage for the bank. Amr Al-Shafei, deputy chairperson of Banque du Caire, said that the new company will be the bank's financing arm and it will also enhance and support other financing instruments and products, benefiting from the bank's wide base of clients. He added that the leasing company will act as a security agent to increase investment rates and maximise profitability through the diversification of investment opportunities for the bank. Al-Shafei expected that the bank will achieve high growth rates in this field, having basic factors of success, namely a strong board of directors and administrative structure. The company will create new flexible and effective financing programmes, and add new partners to increase its competitiveness and accomplish its business plan, serving a large base of clients in various fields, including large- and medium-sized companies.
