{"id":577411,"date":"2022-11-22T04:05:50","date_gmt":"2022-11-22T04:05:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/22\/the-finance-industry-should-be-cheering-the-upheaval-at-beltone\/"},"modified":"2022-11-22T04:05:50","modified_gmt":"2022-11-22T04:05:50","slug":"the-finance-industry-should-be-cheering-the-upheaval-at-beltone","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/22\/the-finance-industry-should-be-cheering-the-upheaval-at-beltone\/","title":{"rendered":"The finance industry should be cheering the \u2018upheaval\u2019 at Beltone"},"content":{"rendered":"

<\/a> Employees at Beltone SME have reportedly resigned en masse <\/strong>in what Bloomberg Asharq<\/a> reports is opposition to a restructuring being carried out by the parent company, Beltone Financial. The newspaper claims staff at Beltone\u2019s SME unit handed in their notices after new Beltone Financial owner Chimera Investment kicked off a restructuring plan. Neither company responded to Asharq\u2019s request for comment.<\/p>\n

Other departures:<\/strong> There has also been upheaval at Beltone\u2019s consumer financing arm BelCash, whose managing director resigned two weeks ago, and at the parent company, whose HR director and IT chiefs have both left, according to one of the sources.<\/p>\n

Refresher:<\/strong> Abu Dhabi-based Chimera Investments acquired a 56% stake<\/a> in Beltone Financial in October, replacing Orascom Financial Holding as the company\u2019s controlling shareholder. The new owners went ahead with a boardroom shake-up a few weeks later, replacing the CEO<\/a> and the chairman, and appointing two new non-executive board members.<\/p>\n

See it all in context: <\/strong>\u201cBack in the day\u201d there was a three-way investment banking horse race between EFG Hermes, CI Capital, and Beltone \u2014 they fought tooth and nail for AUM, IPOs, M&A mandates, brokerage market share, and research supremacy.<\/p>\n

What we have now is a duopoly: <\/strong>EFG Hermes has since emerged as a major global frontier and emerging markets player \u2014 and pioneered the NBFS strategy now popular across the industry here in Egypt. CI Capital has become a formidable national player and lined up new firepower through its tie-up with Banque Misr as it now looks to go regional. Soon after the 2011 revolution, Beltone lost its storied investment banking team (which walked out to form M&A shop Akanar Partners<\/a> after a sale to Goldman Sachs fell through). It then drifted under previous ownership, losing market share and talent, particularly after a bungled 2018 IPO<\/a>.<\/p>\n

Expect more upheaval \u2014 and that\u2019s frankly a good thing: <\/strong>Beltone has a storied name, but the company needs restructuring, a clear vision, and a reason for being if it is to challenge today\u2019s duopoly. Chimera and new Beltone Financial CEO Dalia Khorshid will be looking to bring in hard chargers with a mission to remake the company, suggesting it isn\u2019t unreasonable to expect a bit more drama before a stable (and hopefully ambitious) team takes shape to write the company\u2019s next chapter.<\/p>\n","protected":false},"excerpt":{"rendered":"

Employees at Beltone SME have reportedly resigned en masse in what Bloomberg Asharq reports is opposition to a restructuring being carried out by the parent company, Beltone Financial. The newspaper claims staff at Beltone\u2019s SME unit handed in their notices after new Beltone Financial owner Chimera Investment kicked off a restructuring plan. Neither company responded […]<\/p>\n","protected":false},"author":1,"featured_media":577412,"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":[8313],"tags":[255,812,2078,136,84,72,503,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-belcash","tag-beltone-financial","tag-chimera-investments","tag-ci-capital","tag-efg-hermes","tag-enterpriseam","tag-financial-services","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"f40172f6-6b97-41b4-86fe-ec3501799b87","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/334.jpg","photo_position":"above","related_issue":[577405],"teaser":"","voice_url":""},"yoast_head":"\nThe finance industry should be cheering the \u2018upheaval\u2019 at Beltone - 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\/2022\/11\/22\/the-finance-industry-should-be-cheering-the-upheaval-at-beltone\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The finance industry should be cheering the \u2018upheaval\u2019 at Beltone\" \/>\n<meta property=\"og:description\" content=\"Employees at Beltone SME have reportedly resigned en masse in what Bloomberg Asharq reports is opposition to a restructuring being carried out by the parent company, Beltone Financial. 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For a period of three years, the board will now include: Dalia Khorshid (LinkedIn) as managing\u2026","rel":"","context":"In "Moves"","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578999,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/22\/ex-beltone-execs-launch-sme-finance-outfit-invia\/","url_meta":{"origin":577411,"position":1},"title":"Ex-Beltone execs launch SME finance outfit Invia","author":"enterpriseam admin","date":"22 January 2023","format":false,"excerpt":"Invia is currently raising a pre-seed round","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/360.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548135,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/27\/chimera-will-get-at-least-56-of-beltone-after-ofh-accepts-offer\/","url_meta":{"origin":577411,"position":2},"title":"Chimera will get at least 56% of Beltone after OFH accepts offer","author":"enterpriseam admin","date":"27 July 2022","format":false,"excerpt":"Orascom Financial sells Beltone stake to Chimera: Chimera Investments will acquire at least 56% of Beltone Financial after Orascom Financial Holding (OFH) decided on Monday to sell its entire stake in the financial services firm, according to a disclosure to the EGX (pdf) from OFH yesterday. The Abu Dhabi-based investment\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/284.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548344,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/chimera-is-getting-56-of-beltone-and-no-more\/","url_meta":{"origin":577411,"position":3},"title":"Chimera is getting 56% of Beltone, and no more","author":"enterpriseam admin","date":"4 August 2022","format":false,"excerpt":"It\u2019s official: Chimera is Beltone\u2019s new majority shareholder: Chimera Investments acquired a 56% stake in Beltone Financial through its mandatory tender offer for up to 90% of the company, which expired yesterday, the EGX said (pdf). The Abu Dhabi-based investment company will acquire the stake from Orascom Financial Holding (OFH),\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-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":547954,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/20\/fra-approves-chimeras-bid-to-acquire-beltone\/","url_meta":{"origin":577411,"position":4},"title":"FRA approves Chimera\u2019s bid to acquire Beltone","author":"enterpriseam admin","date":"20 July 2022","format":false,"excerpt":"Chimera is one step closer to acquiring Beltone: Chimera Investments\u2019 bid to acquire up to 90% of Beltone Financial is poised to go through after getting the Financial Regulatory Authority\u2019s (FRA) stamp of approval, the regulator said in a disclosure to the EGX (pdf) yesterday.Refresher: Chimera filed in June for\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/206.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":589174,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/abou-hashima-to-acquire-5-of-beltone\/","url_meta":{"origin":577411,"position":5},"title":"Abou Hashima to acquire 5% of Beltone","author":"enterpriseam admin","date":"22 June 2023","format":false,"excerpt":"Beltone is looking to raise EGP 10 bn via a capital increase","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/1144.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577411","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=577411"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577411\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/577405"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/577412"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=577411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=577411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=577411"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=577411"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=577411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}