EBRD, SPE Capital and Amethis acquire Egypt’s GlobalCorp

EBRD, SPE Capital and Amethis acquire Egypt’s GlobalCorp

A consortium of investors made up of Amethis, the European Bank for Reconstruction and Development (EBRD), and SPE Capital acquired a majority stake in GlobalCorp.

GlobalCorp was established in 2015, and is an Egyptian non-bank lender with a current focus on leasing and factoring solutions for corporates and small and medium-sized enterprises (SMEs). The company’s assets include: production lines, equipment and machinery, vehicles, commercial and industrial real estate while the factoring product portfolio covers a range of short-term financing solutions.

“We are very happy to welcome our new partners to GlobalCorp. 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,” Hatem Samir, Founder, Chief Executive Officer and Managing Director of GlobalCorp, said:.

This investment in GlobalCorp includes a primary capital investment to  scale up the company’s portfolio and expand into new business segments. The consortium will also partner with GlobalCorp’s management on scaling up the company’s infrastructure and operations, investing in technology and advancing the company’s impact agenda, including the promotion of greater financial inclusion, financing to SME clients and green initiatives as well as promoting leading environmental, social and governance (ESG) and client protection standards within the non-banking financial services industry.

“We are very happy to join this consortium for the Bank’s first equity investment in a financial institution in Egypt and its first partnership in Egypt’s leasing and factoring sector. This investment will support a leading financial company in providing financing to an important segment of the Egyptian economy, covering small and medium-sized businesses,” Heike Harmgart, EBRD Managing Director for the Southern and Eastern Mediterranean region, said.

Also read: EBRD to provide Transport Ministry with EUR 250m for the Alexandria metro project

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