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AAIB grants Premium Card credit facility amounting to EGP 200m in support of its 2020 growth strategy - Daily News Egypt

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AAIB grants Premium Card credit facility amounting to EGP 200m in support of its 2020 growth strategy

In light of this fruitful partnership, AAIB granted Premium Card a credit facility, which amounts to EGP 200m, to be utilised in financing the company’s consumer finance portfolio.


Over the years, the Arab African International Bank (AAIB) and Premium International Credit Services have successfully built a robust business partnership by joining forces in a series of successful endeavours. AAIB’s understanding of the company’s business model and the mechanism of its system allowed it to be a pioneer in financing Premium Card operation.

In light of this fruitful partnership, AAIB granted Premium Card a credit facility, which amounts to EGP 200m, to be utilised in financing the company’s consumer finance portfolio.

This credit facility actively accelerated and contributed to Premium Card’s significant business growth, thus, allowing AAIB to further participate in financing the company’s operations via different financing tools. AAIB also recently participated in securitising the company’s portfolio in a EGP 167m securitisation bond issuance.

           

With regard to this partnership, Sherif Elwy, the vice chairperson and managing director of AAIB stated, “at AAIB, we greatly believe in the great potential of Premium Card. The company is definitely capitalising on the huge growth witnessed by the consumer finance industry in the Egyptian market at its current stage.”

Elwy said, “The tremendous growth achieved by Premium Card during its last two years of operation was reflected in the financing size of the company. We look forward to expanding this partnership and breaking more challenging business goals together.”

Commenting on the flourishing business partnership between the two parties, Paul Antaki, the founder and CEO of Premium Card, stated, “Premium was a pioneer in introducing consumer credit back in 2002 with its innovative, first-of-its-kind zero-interest and bank-free installment cards.”

Co-Founder and Board Member of Premium Card Rami Antaki commented on the loan, saying, “Premium Card will use the proceeds from its latest financing package from AAIB to back up its ambitious new expansion strategy for 2020, which aims to increase the number of the company’s branches, its portfolio size, as well as introduce new financial products, and sign cooperation joint ventures with various partners”.

“AAIB, our financial partner, has played a pivotal role in supporting the company’s growth over the years. We are grateful for its continuous support,” he continued.

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https://wwww.dailynewssegypt.com/2020/01/11/aaib-grants-premium-card-credit-facility-amounting-to-egp-200m-in-support-of-its-2020-growth-strategy/
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