Fawry eyes CIB Egypt bank, Banque Misr’s stakes in Fawry Plus

Egyptian e-payment giant Fawry is in the process of acquiring stakes owned by the Commercial International Bank (CIB Egypt) and Banque Misr in Fawry Plus Banking Services, its chief executive Ashraf Sabry told local press on Wednesday.

Fawry’s board of directors signed off on the company moving ahead with talks to acquire a 48 percent stake in Fawry Plus, the company announced in a bourse filling.

Under a takeover bid worth 32 million Egyptian pounds ($2 million) in total, Fawry seeks to increase its stake in Fawry Plus from 38 percent to 86 percent.

CIB and Banque Misr own 23.5 percent and 24.5 percent stake, respectively in Fawry Plus.

Fawry Plus is looking to almost quintuple its branch network to 300 from 65 currently.