Banque Misr, the second largest bank in Egypt, has recently acquired CI Consumer Finance “Souhoola” from CI Capital Holding Company. This was done in line with the bank’s keenness to expand non-bank related financial services, and in light of the bank’s plan to advance the company to become one of the most important institutions operating in the consumer finance activity, under the supervision of the retail sector at Banque Misr, as well as to strengthen the company with a strong executive management of the most important cadres in the Egyptian market.
It is worth noting that Souhoola operates in the field of consumer finance across 11 governorates in the Egyptian market, providing services to finance household goods, cars, health, education, travel, and tourism, in addition to many other services.
Mr. Mohamed El-Etreby, Chairman of Banque Misr, said, “We are pleased to complete this transaction, as it represents a major step in the bank’s strategy to support efforts of financial inclusion and digital transformation by developing a strong entity in the field of consumer finance to ensure access to the largest segment of clients and to meet their needs. We believe in the importance of this sector due to its growth over the past years, which lead it to become one of the main sectors under the umbrella of non-bank related financial services.”
The Vice-Chairman of Banque Misr, Mr. Akef El-Maghraby, commented, “Our bank’s decision to acquire the Souhoola Company came in light of our desire to build a stronghold in the field of consumer financial services with the aim of maximizing the benefit by integrating with the retail client portfolio and serving the bank’s wide and geographically spread customer network. We have added the company’s products to the Banque Misr’s electronic platforms and Banque Misr channels to the company in order to benefit from the experience of our bank’s retail team, which will supervise the events and maximize the integration between the bank and the company.”
It is worth mentioning that Zulficar & Partners office played the role of legal advisor for the acquisition process, and the role of the broker executing the deal was taken up by the Commercial International Securities Brokerage Company.Banque Misr is always keen to maintain its long-term success and participate effectively by providing solutions and services that meet the needs of its clients. Banque Misr’s work values and strategies always reflect the bank’s commitment to sustainable development and prosperity of Egypt.