Cairo – Mubasher: Beltone Financial Holding expected the completion of the sale deal of its US subsidiary Auerbach Grayson & Company within three months as long as no developments affecting the deal take place.
The final value of the deal hasn’t been decided yet, Beltone said in a statement to the Egyptian Exchange (EGX) on Tuesday.
This step is in line with the company’s strategy that targets the local and neighboring markets with a focus on investment banking, along with expanding into non-banking financial services.
Last week, Beltone, along with other investors, signed an agreement to sell the US Auerbach Grayson & Company.
It is noteworthy to mention that in 2019, Beltone suffered net losses of EGP 91.5 million, up from EGP 82.41 million a year earlier.
