EBE to launch factoring arm with ECGE, NIB, National Bank of Egypt in 2Q2020

The Export Development Bank of Egypt (EBE) is planning to launch a EGP 50 mn factoring arm in 2Q2020, Board Chairman Mervat Sultan tells Al Mal. The EBE will hold a 60% stake in the new arm, while its subsidiary the Export Credit Guarantee Company of Egypt will hold 15%, the National Investment Bank will hold 15%, and the remaining 10% will be held by the National Bank of Egypt (NBE).