Cairo – Mubasher: Beltone Financial Holding, along with other investors, signed an agreement to sell the US Auerbach Grayson & Company.
All procedures related to the sale will be completed after obtaining approval from the US Financial Industry Regulatory Authority (FINRA), the company said in a statement to the Egyptian Exchange (EGX) on Thursday.
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.
In January, the company’s chairman and managing director were assigned to take the necessary measures and conduct negotiations to sell Beltone’s stake in 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.
