Vitas Group Successfully Completes Sale to Strategic Investor in Egypt

On April 9th 2020, Vitas Group sold its shares in Vitas Egypt to its co-investment partner Ebtikar Holding for Financial Investments SAE.  Ebtikar has now acquired 100% of Vitas Group’s stake, which had represented 50% at the initial founding of Vitas Egypt in late 2017. 

Vitas Group will continue to provide technical assistance and software services as part of Vitas' vision to expand digital-forward business models for responsible financial services, targeting micro and small enterprises (MSEs), who are vastly underserved across the region.

Vitas Group's CEO, Ms. Elissa McCarter LaBorde, said "we are proud to have founded this company and to see it through to full local ownership as proof of its attractive investment potential.  As we enter a new phase of Vitas' participation in Egypt, we are pleased to continue working closely with BPE Partners as our strategic partner and private equity firm in Egypt.  We see great potential in Egypt for this new operating model to scale and we are thrilled to have committed partners and a dynamic leadership team that will take the microfinance company to new levels of success."

About Vitas Group:

Vitas Group was founded by the US-based not-for-profit Global Communities and operates a network of microfinance companies predominantly in the Middle East. Vitas has more than twenty years of proven track-record of successfully lending to micro, small, and medium enterprises and the only such investment vehicle of its kind in the region. Since 2004, Vitas companies have disbursed more than $3 billion to over 1 million customers with an annual default rate below two percent.

Vitas Egypt SAE was first registered in late 2017 and is now operating branches in Cairo and Upper Egypt in partnership with several digital platforms including e-payments and e-commerce providers.

About Ebtikar :

Established in June 2017 as a joint venture between MM Group for Industry and International Trade (MTI), B Investments Holding and BPE Partners. Ebtikar Holding for Financial Investments is a non-banking financial services company that is invested in microfinance, electronic payments, leasing, mortgage, factoring and consumer finance. Ebtikar Holding for Financial Investments is a full-fledged financial services company operating in some of the most underserved sectors in Egypt and contributing to the financial inclusion of the Egyptian people as well as aiding in the digitization of the Egyptian economy. For more information, please visit : https://www.ebtikarfinancial.com/

 

Press contact:

Vitas Group
Rohit Kulkarni
(301) 587-4700
[email protected]