E-payment giant Fawry is the process of acquiring 86 percent of Fawry Plus Banking Services after Fawry’s board of directors given the green light to the company to move ahead with negotiations to capture a 48% percent stake in Fawry Plus.
Fawry already owns 38% of Fawry Plus and seeks to put its hands on the 48 percenct owned by Commercial international bank and Banque Misr.
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The acquisition, which is valued at 32 million Egyptian pounds in total, would see Fawry acquiring CIB’s 23.5 percent stake and Banque Misr’s 24.5 percent stake in its subsidiary, Fawry CEO Ashraf Sabry tld local press
The subsidiary is eyeing rapid expansion: FawryPlus Banking Services is looking to almost quintuple its branch count to 300 from 65 currently.
