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Saradar Bank invest in microfinance to low income families
29-8-2017
Saradar Bank announced its acquisition of 49% stake in Vitas SAL, a subsidiary of the US Vitas Group involved in the provision of microfinance solutions to limited income households and entrepreneurs, according to Byblos Bank weekly monitor. Since its inception in the country in 1999, Vitas SAL has dispensed more than 200,000 microloans at a value of USD 350 million, and currently has over 60 points of sale and 530 collection points through a network of branches in Lebanon. In addition, Vitas boasts a banking partnership model in association with local retail banks. The press release by Vitas pointed out that partnering with Vitas Group presents an opportunity for Saradar Bank to get a foothold into the promising microfinance market in Lebanon, which will also facilitate establishing relations with international finance institutions. Mario Saradar, chair and CEO of Saradar Bank said the transaction is expected to lead to increased and substantial synergies between the two sides benefiting from the Saradar network, its sister companies and subsidiaries, as well as, to a possibility of access to capital in order to fund Vitas future business needs. And collectively, this will allow Vitas to maximize its plans for growth. (L’Orient Le Jour, August 29, 2017)
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- العربية
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