EGYPT – A consortium of investors comprising Paris-based investment firm Amethis, the European Bank for Reconstruction and Development, and private equity firm SPE Capital has acquired a majority stake in Egypt’s financial services provider GlobalCorp.
Established in 2015, GlobalCorp is a leading Egyptian non-bank lender with a current focus on leasing and factoring solutions for corporates and small and medium-sized enterprises (SMEs).
The company’s leased assets include production lines, equipment and machinery, vehicles, and commercial/industrial real estate while the factoring product portfolio covers a range of short-term financing solutions.
Since its inception, GlobalCorp has extended EGP 13 billion (US$715 million) in credit over more than 800 leasing and factoring contracts spanning more than 30 industries, with more than 25% of its portfolio serving SMEs and green financing.
The company also arranged Egypt’s first and largest factoring syndication and completed its first securitization at the end of 2021.
The investment consortium will be investing in GlobalCorp alongside Founder Chief Executive Officer and Managing Director, Hatem Samir in partnership with its highly capable management team.
The investment in GlobalCorp will include a primary capital investment to scale up the company’s portfolio and expand into new business segments.
The consortium will also partner with GlobalCorp’s management on scaling up the company’s infrastructure and operations, investing in technology, and advancing the company’s impact agenda.
The partnership will promote financial inclusion, financing to SME clients, and green initiatives as well as promoting leading environmental, social, and governance (ESG) and client protection standards within the non-banking financial services industry GlobalCorp for Financial Services is specialized in non-banking financial services in Egypt.
“We are pleased to welcome our new partners to Global Corp. The support of the leading international financial institutions for us is a testament to the company’s success and excellence in the services that Global Corp provides in the market,” said Hatem Samir, Founder, and CEO of Global Corp.
“We have ambitious plans for the company and look forward to integrating our strengths to create another success story for the group.”
On her part, Heike Harmgart, Managing Director of the EBRD for the Southern and Eastern Mediterranean Region, said that the bank is very pleased to join this consortium in the bank’s first investment in a financial institution and its first partnership in the leasing and factoring sector in Egypt.
This investment will support the leading financial company in providing financing to an important sector of the Egyptian economy; Covers small and medium businesses.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals, and insights from Africa’s business, economy, and more. SUBSCRIBE HERE
