Sarwa Capital, Premium Int’l to establish joint customer finance venture

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Sun, 01 Dec 2019 - 01:57 GMT

FILE - Employees in the EGX following performance of the trading session on December 12, 2017

FILE - Employees in the EGX following performance of the trading session on December 12, 2017

Tags: Sarwa Capital, Premium International, Joint Venture,
Caption: FILE - Sarwa Capital
Lead:

CAIRO - 1 December 2019: Sarwa Capital Holding for Financial Investments announced Sunday signing an agreement with Premium International for Credit Services (Premium Card) to establish a joint venture (JV) that will provide an innovative consumer finance product in Egypt.

The company clarified that under the deal, the new joint venture will be equally owned by the two companies and will start operating under a new brand name within the next few months after obtaining all the required approvals.

It stated that Premium Card has a wide experience in consumer finance industry with more than 120,000 customers and over 1 million annual transactions.“Sarwa has also provided a vast range of products, with a funding of more than LE 19 billion since 2002,” the statement noted.

Sarwa recorded profits of LE 292.22 million during the first nine months of 2019, compared to LE 263.32 million including minority rights during the same period of 2018.

As per Premium International for Credit Services, the company announced earlier in November the closing of Egypt’s first short-term securitization transaction, worth LE 167 million and backed by a portfolio of consumer card receivables in the total value of LE 184 million.

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