CI Capital acquires 80% of microfinance firm Reefy

CAIRO - 2 January 2018: Financial services firm CI Capital Holding announced Tuesday the completion of an 80 percent acquisition of Microfinance Enterprise Services,Reefy.

The investment bank, affiliated to the Commercial International Bank (CIB), reached an agreement in October with Gemini Egypt Holding for Financial Investments, an investment company owned by business tycoon NaguibSawiris, to hold amajority stake in Reefy.

CI Capital aims to introduce Reefy to its platform of non-banking financial services, which includes financial leasing company Corplease, in which CI Capital holds an 86 percent stake.

Serving 300,000 clients, Reefy is the first Egyptian company that obtained a license to operate in the non-banking financial sector.