CI Capital, a leading Egyptian diversified financial services group, announces the completion of its acquisition of 80% of Egypt’s leading microfinance institution – Reefy. This acquisition cements the firm’s ambitious strategic move to further grow its non-banking financial services business in support of CI Capital’s growth strategy. Reefy is Egypt’s first licensed microfinance player, serving more than 300,000 clients through its national branch network in Egypt.
CI Capital’s management plans to integrate Reefy into its non-banking financial services business, which currently is – principally – comprised of Corplease, one of Egypt’s market leaders in financial and operating leasing. This important transaction is expected to drive the firm’s strategic direction and transformation into an integrated financial services group, offering clients a diverse-suite of innovative financial solutions. CI Capital’s management team intends to work closely with Reefy’s highly-skilled and experienced management team led by Mr. Ahmed ElBardai, Reefy’s founder & CEO, to continue developing and maintaining a leading franchise with strategic value and growth initiatives. CI Capital’s management team also will seek to capitalize on CI Capital’s new relationship with Reefy’s minority shareholders to continue developing the business.
Reefy’s management team of veterans has overseen the company’s robust lending portfolio growth in a vital and under-penetrated segment of financing small- and micro-businesses in Egypt. The company’s existing management team will continue to lead the business given their proven ability to develop financing solutions with robust credit assessment and risk management procedures that helped the company achieve an impressive growth track record.