Prime Holding has launched a fintech subsidiary, Prime Fintech, according to a press release (pdf). The new company comes as part of Prime’s wider plan to set up non-banking financial services subsidiaries. Prime Holding will invest an initial share capital of EGP 50 mn in the new subsidiary, an amount it hopes to double to EGP 100 mn by the end of the year. Prime Fintech plans to focus on four major products: Consumer finance, leasing, smart wallets, and finance cards, with plans to launch the first two products in 3Q2020. The rest of the products are slotted for a 1Q2021 launch. The new company will be headed by Mervat Erian (Linkedin) who has more than 30 years of experience in the fields of communications and banking services, having held positions at American Express, Lucent Technology, Mobinil, and Abu Dhabi Islamic Bank.

Prime Holdings also reduced its stake in Al Tawfeek Leasing to 3.9% from 6.13%, according to Hapi Journal. The company sold over 2.5 mn shares at a price of EGP 2.812 per share, at a total value of EGP 7.1 mn.