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.