24.4 C
Johannesburg
Friday, March 29, 2024

Egyptian Billionaire Naguib Sawiris Launches New Bank In Europe

Must read

Mfonobong Nsehe
Mfonobong Nsehehttps://www.jozigist.co.za
Mfonobong Nsehe is currently Nigeria and Kenya advisor to Pilot Fish Media. He is also the CEO of Hodderway Group, a Kenyan-based private limited liability company focused on brokering and delivering attractive, large-ticket transactions in Africa to select blue chip international investment partners. He travels extensively across Africa every year, meeting and interviewing the continent's wealthiest entrepreneurs and tallying their net-worth for Forbes' annual rankings of the World's Richest People and Africa's Richest People. He is also a contributing writer for Jozi Gist. You can follow him @MfonobongNsehe and on Linkedin

Egyptian billionaire Naguib Sawiris has reportedly launched a new bank that plans to operate across Europe.

According to a report by Daily News Egypt, RiverBank SA, started operating on Monday after receiving a full European banking license from the European Central bank (ECB) last March.

Riverbank is an independent Luxembourg based Pan-European lender specialized in funding small- and medium-sized enterprises (SMEs) focusing on the Benelux Union countries (Belgium, the Netherlands, Luxembourg) and Germany. Riverbank intends to offer several products over the internet and expand in lending activities, targeting a volume of loans that varies between $75,000 and $3 million. Riverbank intends to primarily offer several products over the internet.

“The bank is considered an addition to our huge investments in Luxemburg and Europe,” Sawiris stated, as quoted by Egypt’s Amwal Al-Ghad.

Naguib Sawiris, 62, who is worth $3.9 billion according to Forbes, is the Chairman of Orascom Telecom, Media and Technology.

- Advertisement -

More articles

Post a Comment

- Advertisement -

Latest article