By: Islam Fadl
Cairo – Mubasher: The United Lease Company, owned by the United Bank, is approaching three local banks to borrow EGP 500 million, the firm’s vice chairman and managing director said.
The loan will be used to finance real estate, cars, and machines, Maher Abu Setit told Mubahser.
The company aims to pump around EGP 1 billion in investments during 2019, raising its portfolio to EGP 3 billion, Abu Setit highlighted.
He noted further that the company is currently considering a new study for the new year to submit it for the board before the end of 2018.
The company is also considering to raise its current capital of EGP 85 million to expand in the leasing finance.
It is worth noting that United Lease had pumped financings of EGP 1.5 billion in the first nine months of this year.
Translated by: Mai Ezz El-Din
