| 21 Dec 2009 |
|
Egypt's Credit Agricole acquires full ownership of EHFC
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CAIRO: Credit Agricole EgyptCredit Agricole Egypt
(CAECAE) has fully acquired the Egyptian Housing Finance CompanyEgyptian Housing Finance Company (EHFCEHFC) in a deal worth LE 70 million, the bank said in a statement Monday.The bank bought out the shares of IFC (20 percent), OPEC (20 percent) and HDFC (10 percent) and now owns 99.9 percent of the company's shares.
The company will operate as an independent subsidiary of the bank under the same management team and with the same employees.
"The addition of this mortgage finance arm is consistent with our expansion plan through diversifying and strengthening our lines of business," Henri Guillemin, managing director of CAECAE, said.
"This investment will enhance our revenues as well as our shareholders' value," he added.
Established in 2004, EHFCEHFC is one of the country's largest mortgage companies in terms of operations.
EHFCEHFC
Managing Director Hala Bassiouni said the company's board has approved doubling its capital to LE 100 million. "Egypt is an emerging market with high potential for growth. While the local real estate sector has encountered periods of stagnation, it is foreseen to prosper significantly," Bassiouni said.
The total accumulative fund provided by EHFCEHFC since 2004 reached LE 390 million with an average loan value of LE 450,000, according to the statement.
By DailyNewEgypt
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