Al Ahly Capital, the investment arm of the National Bank of Egypt, recently completed procedures to acquire a 51% stake in Easy Lease, a subsidiary of El Sewedy Capital, the investment arm of El Sewedy Electric Group.

CEO and Managing Director of Al Ahly Capital, Karim Saadeh emphasized that this acquisition aligns with Al Ahly Capital's strategic objective of expanding its presence in the non-banking financial services sector.

Saadeh added that Al Ahly Capital aims to bolster its footprint in the financial leasing segment through its controlling stake acquisition in Easy Lease Company and is actively exploring opportunities to secure a consumer finance license.

The Egyptian financial leasing market witnessed remarkable growth, with the value of leasing contracts reaching EGP 117.5 billion by the end of 2023, up from EGP 87.9 billion in 2022, reflecting a growth rate of 33.7%.

The Financial Regulatory Authority aims to elevate the value of financial leasing contracts to EGP 150 billion by 2026 as part of its strategy for non-banking financial activities spanning the period 2022-2026.