{"id":573839,"date":"2020-08-19T04:05:26","date_gmt":"2020-08-19T04:05:26","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/beltone-to-launch-three-nbfs-firms-next-month-eyeing-return-to-profitability\/"},"modified":"2020-08-19T04:05:26","modified_gmt":"2020-08-19T04:05:26","slug":"beltone-to-launch-three-nbfs-firms-next-month-eyeing-return-to-profitability","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/beltone-to-launch-three-nbfs-firms-next-month-eyeing-return-to-profitability\/","title":{"rendered":"Beltone to launch three NBFS firms next month, eyeing return to profitability"},"content":{"rendered":"<p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <strong>Beltone Financial Holding will set up three new non-banking financial companies in <\/strong><strong>September in a bid to return to profitability<\/strong>, CEO Ibrahim Karam said in an interview with <a href=\"https:\/\/af.reuters.com\/article\/commoditiesNews\/idAFL8N2FK1SO\">Reuters<\/a> on Tuesday. Beltone will set up a financial leasing company targeting a first-year portfolio of EGP 600 mn, a consumer finance company with a first-year portfolio of EGP 400 mn, and a venture capital subsidiary, he said. The investment bank has already locked down the licenses for these subsidiaries. Beltone had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ed4b577-05ff-40df-91c0-877e8641a450\">said in January<\/a> it expects non-banking financial services to contribute 30-40% of its revenue over the next three years. \u201cThe new companies, along with strengthening existing activities, will help us return to profit in 2021,\u201d Karam said.<\/p>\n<p><strong>Beltone is still <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/802e98e9-fb4a-4888-a435-483ce49eb264\">waiting on US regulators<\/a><\/strong><strong> to approve <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8119c0b0-3c73-4401-a942-327838b24590\">the sale of its 60% stake<\/a><\/strong><strong> in New York-based brokerage Auerbach Grayson.<\/strong> \u201cWe are waiting for the regulatory authorities there to approve it, but we have concluded an agreement with a buyer and signed contracts,\u201d Karam told the newswire without disclosing the identity of the buyers, adding only that they were not a GCC-based institution. The investment bank announced in April that it had completed the sale to a group of investors, pending regulatory approval.<\/p>\n<p><strong>Beltone<\/strong><strong> has been on a <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/69bcb308-26d2-4783-b33c-83f5a3386335\">loss-making streak<\/a><\/strong> <strong>that is on its way to last three years<\/strong>, last reporting a <a href=\"https:\/\/enterprise.press\/stories\/2018\/05\/10\/earnings-watch-22\/\">profit in 1Q2018<\/a>. The company announced improved figures in 2Q2020, reporting a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9f51090c-15e6-4503-9f54-53a9ec281d1e\">EGP 12 mn loss<\/a> from the EGP 34 mn loss made in 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Beltone Financial Holding will set up three new non-banking financial companies in September in a bid to return to profitability, CEO Ibrahim Karam said in an interview with Reuters on Tuesday. Beltone will set up a financial leasing company targeting a first-year portfolio of EGP 600 mn, a consumer finance company with a first-year portfolio [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[3619,812,514,72,242,5726,2380,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-573839","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-auerbach-grayson","tag-beltone-financial","tag-consumer-finance","tag-enterpriseam","tag-leasing","tag-non-banking-financial-companies","tag-speed-round","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"567f0c5d-0b6e-4d56-9bb8-163e660f3c4c","is_powered_by":true,"section_story_id":"8cf11036-0d08-41a5-9a54-9abe42477f6a","story_type":"1","photo_url":"","photo_position":"above","related_issue":[573832],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Beltone to launch three NBFS firms next month, eyeing return to profitability - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/beltone-to-launch-three-nbfs-firms-next-month-eyeing-return-to-profitability\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Beltone to launch three NBFS firms next month, eyeing return to profitability\" \/>\n<meta property=\"og:description\" content=\"Beltone Financial Holding will set up three new non-banking financial companies in September in a bid to return to profitability, CEO Ibrahim Karam said in an interview with Reuters on Tuesday. Beltone will set up a financial leasing company targeting a first-year portfolio of EGP 600 mn, a consumer finance company with a first-year portfolio [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/beltone-to-launch-three-nbfs-firms-next-month-eyeing-return-to-profitability\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-19T04:05:26+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/beltone-to-launch-three-nbfs-firms-next-month-eyeing-return-to-profitability\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/beltone-to-launch-three-nbfs-firms-next-month-eyeing-return-to-profitability\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Beltone to launch three NBFS firms next month, eyeing return to profitability\",\"datePublished\":\"2020-08-19T04:05:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/beltone-to-launch-three-nbfs-firms-next-month-eyeing-return-to-profitability\/\"},\"wordCount\":250,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"Auerbach Grayson\",\"Beltone Financial\",\"consumer finance\",\"EnterpriseAM\",\"leasing\",\"non-banking financial companies\",\"SPEED ROUND\",\"venture capital\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/beltone-to-launch-three-nbfs-firms-next-month-eyeing-return-to-profitability\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/beltone-to-launch-three-nbfs-firms-next-month-eyeing-return-to-profitability\/\",\"name\":\"Beltone to launch three NBFS firms next month, eyeing return to profitability - 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The fund will spend the next year lining up commitments from investors and has already logged interest from both local and international institutions, Karam said. Beltone\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567138,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/14\/beltone-to-offload-majority-stake-in-auerbach-grayson-amid-losses\/","url_meta":{"origin":573839,"position":1},"title":"Beltone to offload majority stake in Auerbach Grayson amid losses","author":"enterpriseam admin","date":"14 January 2020","format":false,"excerpt":"M&A WATCH- Beltone to offload majority stake in Auerbach Grayson brokerage amid losses: Beltone Financial intends to sell its 60% stake in New York-based brokerage firm Auerbach Grayson before March in a bid to return the company to profitability, CEO Ibrahim Karam told Reuters. The board, which has authorized Karam\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":587910,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/04\/hassan-allam-properties-signs-egp-500-mn-sale-leaseback-agreement-with-beltone\/","url_meta":{"origin":573839,"position":2},"title":"Hassan Allam Properties signs EGP 500 mn sale-leaseback agreement with Beltone","author":"enterpriseam admin","date":"4 June 2023","format":false,"excerpt":"HAP will finance commercial and hospitality assets owned by two of its subsidiaries","rel":"","context":"In &quot;Real estate&quot;","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/69.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564906,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/foundation-ventures-aims-to-invest-egp-30-mn-this-year-from-inaugural-fund\/","url_meta":{"origin":573839,"position":3},"title":"Foundation Ventures aims to invest EGP 30 mn this year from inaugural fund","author":"enterpriseam admin","date":"7 March 2021","format":false,"excerpt":"VC firm Foundation Ventures is planning to invest around EGP 30 mn this year from its inaugural Egypt-focused fund, managing partner Omar Barakat told us. \u201cWe\u2019re always interested in fintech, given that it\u2019s growing across Egypt\u201d and is getting a boost from the state\u2019s drive to promote digitization and financial\u2026","rel":"","context":"In &quot;SPEED ROUND: INVESTMENT WATCH&quot;","block_context":{"text":"SPEED ROUND: INVESTMENT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567216,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/15\/fra-approves-beltones-new-financial-leasing-mortgage-finance-arms\/","url_meta":{"origin":573839,"position":4},"title":"FRA approves Beltone\u2019s new financial leasing, mortgage finance arms","author":"enterpriseam admin","date":"15 January 2020","format":false,"excerpt":"The Financial Regulatory Authority has approved Beltone Financial\u2019s plans to establish financial leasing and mortgage finance subsidiaries, Beltone\u2019s Director of Investor Relations Osama Rashad, the local press reports. Beltone will hold a 98% stake in the two companies. The company will disclose the value of the two new arms once\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572154,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/14\/earnings-watch-beltone-prime-holding-at-leasing\/","url_meta":{"origin":573839,"position":5},"title":"Earnings Watch: Beltone, Prime Holding, AT Leasing","author":"enterpriseam admin","date":"14 June 2020","format":false,"excerpt":"EARNINGS WATCH- Beltone Financial reported a net loss of EGP 8.4 mn during the first three months of 2020, compared with a EGP 23.2 mn loss in 1Q2019, it said in a statement on the EGX. 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