UPDATE 1-Egypt's Beltone to sell stake in brokerage Auerbach in 2020 - Reuters:
Egyptian investment bank Beltone Financial Holding plans to sell its 60% stake in New York-based brokerage Auerbach Grayson & Company to help stem losses, the bank’s chief executive said on Monday.
Beltone, controlled by Egyptian billionaire Naguib Sawiris, believes a sale will help it return to profitability this year after losses since it bought the Auerbach stake in 2016, Ibrahim Karam told Reuters.
“Although it (Auerbach) helps us with a presence in more than 120 markets, the losses that come from it are big. We have a plan to deal with it that will be finalised before March,” Karam said in an interview in his office overlooking the Nile.
The board of directors had authorised him to negotiate the sale, he added.
Beltone reported losses of 14.3 million Egyptian pounds ($900,000) in 2017, 82.4 million pounds in 2018 and 66.5 million pounds in the first nine months of 2019.
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