EHFC, established in 2004, is one of the largest mortgage companies in terms of operations in the Egyptian market.
"We are very pleased with the acquisition of EHFC. The addition of this mortgage finance arm is consistent with our expansion plan through diversifying and strengthening our lines of business", said Henri Guillemin, Managing Director of Credit Agricole Egypt.
On the other hand, Hala Bassiouni, Managing Director of EHFC mentioned that EHFC Board of Directors has approved to double the company's capital to reach $100 million, allowing the company to extend its services to larger number of clients.
21, CrE[umlaut]dit Agricole Egypt declared that it had fully acquired EHFC after receiving the approval of the market regulator.
In 2006, CrE[umlaut]dit Agricole Egypt increased its stake in EHFC from 40 percent to 50 percent by buying the Bank of Alexandria's stake.
With a capital of LE 50 million, EHFC was established in 2004 with the purpose of offering Egyptians loans to purchase real estate as well as developing the housing sector in Egypt.
Established in 2004, EHFC is one of the country's largest mortgage companies in terms of operations.
EHFC Managing Director Hala Bassiouni said the company's board has approved doubling its capital to LE 100 million.
The total accumulative fund provided by EHFC since 2004 reached LE 390 million with an average loan value of LE 450,000, according to the statement.