Seeking to expand its financial services on the African continent, Egypt’s Beltone Financial plans to acquire controlling stake in Oragroup, which owns banks in 12 African countries. The financial investment management company made this known in a statement late on Saturday.
The board had agreed to sign a non-binding offer to set out indicative terms for the transaction, though it did not disclose the exact size of the stake it is looking to acquire or the potential terms, Beltone financial noted in the statement.
Prior to this development, in February, CEO Bassem Azab told Bloomberg in an interview that the investment bank was seeking new acquisitions in frontier and emerging markets.
“We spent the past two years establishing and re-positioning ourselves in investment banking, asset management, and brokerage. Now that we have our pillars reinforced on the ground, we are looking at other business lines that we want to grow,” Azab said.
Listed on the Cairo exchange and one of the country’s largest asset managers and financial services companies, Beltone Financial further intends to conduct a preliminary financial feasibility study for the transaction before commencing a comprehensive and non-exclusive due diligence process to reach an agreement with respect to the possible transaction and the execution of the relevant implementation agreements.
Owning controlling stake in Oragroup which has 143 branches serving more than 400,000 clients in 12 African countries in western and central Africa is in line with the Beltone Financial Company’s plan to grow its investments and expand in the market of financial services on the African continent.
The public will be informed with any development in accordance with its principles of transparency and disclosure, the statement said.
What you need to know about Beltone Financial Holding
Beltone Financial Holding is a financial investment management company, which provides a range of financial services to companies, institutions, and high-net-worth individuals worldwide.
Founded in 2002 and headquartered in Cairo, Egypt, Beltone Financial Holding is a subsidiary of Orascom Telecom Media and Technology Holding. The firm is recognized for groundbreaking initiatives such as introducing Money Market accounts in MENA region.
The company provides quality research services, and also offers brokerage services, investment banking services, asset management services through portfolio management and mutual fund products, and market maker services.