CI Capital Holding, an Egyptian financial services group, announced that it reached an agreement in principle with Gemini Egypt Holding for Financial Investments to acquire Gemini’s majority stake in microfinance provider, Reefy, Invest-Gate reports.

The company aims to integrate Reefy onto its platform of non-banking financial services, which includes Corplease, Egypt’s market leader in financial leasing, the company said in a statement.

The statement added that CI Capital recently announced the acquisition of an additional stake bringing its total shareholding up to 86% in Corplease.

CI Capital, according to the statement, will provide its full support to the highly skilled and experienced management team that is leading Reefy, and will work closely with the existing shareholders of Reefy on enhancing strategic value and growth initiatives.

Upon obtaining regulatory approval and the successful completion of the Reefy transaction, CI Capital will consolidate its position as one of the largest non-banking financial institutions in Egypt ranked by both portfolio and assets size, in addition to its market leading investment banking, securities brokerage, research, and asset management franchises.

Reefy is Egypt’s first licensed microfinance player, serving more than 300,000 clients through 38 branches across Egypt.