CI Capital captures 80% stake in Egyptian microfinance firm Reefy

Egypt’s investment bank CI Capital announced Tuesday that it has acquired an 80 percent stake in Reefy Micro Finance Enterprise Services Company.

The microfinance lender Reefy is partially owned by Egyptian tycoon Naguib Sawiris; it is the first licenced company in Egypt’s microfinance sector, providing its services to more than 300,000 clients through a network of branches across the country.

The acquisition of Reefy comes part of CI Capital strategy to establish a non-banking financial services platform to boost the company’s plans for growth.

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