Beltone Financial said the sale of its US subsidiary, Auerbach Grayson, is expected to be finalised in three months, given that no obstacles occur along the way.
The company said in a statement on Tuesday that the sale process has not been completed yet, and accordingly, the final value of the deal has not been determined.
Last week, Beltone signed an agreement to sell Auerbach Grayson to a group of investors pending the approval of the Financial Industry Regulatory Authority (FINRA) in the US.
Beltone said that the sale is driven by the company’s aim to focus on investment banking activities in the Egyptian and neighbouring markets, in addition to expanding in non-banking financial services that the company has started since the beginning of 2020. The move also aims at maximising the return on the company’s investment and restructuring it.