Cairo – Mubasher: Sarwa Capital Holding for Financial Investments signed 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.
Under the deal, the new JV, which will be equally owned by the two companies, will start operating under a new brand name within the next few months after obtaining all the required approvals, according to a statement on Sunday.
Premium Card has a wide experience in consumer finance industry with more than 120,000 customers and over 1 million annual transactions.
In addition, Sarwa has also provided a vast range of products with funding of more than EGP 19 billion since 2002.
It is noteworthy that during the first nine months of 2019, Sarwa logged a net profit of EGP 292.22 million, compared to EGP 263.32 million in the year-ago period, including minority shareholders’ rights.
