FIMBank acquires full ownership of Egypt Factors

13.01.2017

FIMBank has further consolidated its Group structure through the recent acquisition from its earlier JV partner CIB, of the remaining shares in its subsidiary, Egypt Factors (EF). EF is a free zone incorporated company offering export, import and reverse factoring.  FIMBank Group CEO Murali Subramanian mentioned that “The full acquisition of Egypt Factors enables an extended degree of control and execution while not changing the successful model and existing partnerships locally. Factoring within Egypt is an important growth industry that has benefited from the Egyptian Government focus on developing the SME segment.  With its unique market positioning and reputation as well as with the strong management team leading the business, we are very optimistic that EF will soon be a significant growth driver for the group.”  Egypt Factors’ recently appointed CEO, Ahmed Shaheen, stated that “We look forward to spearheading a new business development approach where we nurture and grow our existing ties with FIMBank to better effect.”

 

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