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Doaa Moneim – Ahram Online
“A consortium of investors comprising of Amethis, the European Bank for Reconstruction and Development (EBRD) and SPE Capital have acquired a majority stake in Egypt-based GlobalCorp, a non-banking financial services provider”, the parties announced in a joint statement on Tuesday.
Established in 2015, GlobalCorp is an Egyptian non-bank lender focusing on leasing and factoring solutions for corporates and small, medium and large enterprises. GlobalCorp’s leased assets include production lines, equipment and machinery, vehicles, and commercial/industrial real-estate in addition to financial solutions.
Since its inception, GlobalCorp has extended £E13 Billion ($715 Million) of credit through over 800 leases, and contracts exceeding 30 industries. Over 25% of its portfolio serves small and medium-sized enterprises (SMEs), and green financing contracts.
“The backing of leading international financial institutions is a testimony to GlobalCorp’s success and unique profile in the market. We have ambitious plans for the company and look forward to combining our strengths to create value for all our stakeholders”, said GlobalCorp’s CEO and founder Hatem Samir.
Adnane Zerhouni, an investment director at Amethis, revealed that “the decision will contribute to financial inclusion in Egypt”, adding, “this is the first investment of Amethis in Egypt which is now a core market for his company’s funds”.
For her part, EBRD Managing Director for the Southern and Eastern Mediterranean Region Heike Harmgart expounded that “such a transaction is the bank’s first equity investment in a financial institution in Egypt and its first partnership in Egypt’s leasing and factoring sector”.
