The chairman of Orascom Telecom Media and Technology Holding, Naguib Sawiris, has acquired the majority stake in Riverbank S.A.
“The bank is considered an addition to our huge investments in Luxemburg and Europe,” Sawiris stated.
Riverbank is specialised in funding small- and medium-sized enterprises (SMEs) and is currently looking into Benelux Union countries and Germany.
The bank is targeting a volume of loans that varies between EUR 75,000 and EUR 3 million, in addition to mutual investment opportunities that could reach EUR 10 million in value.
Riverbank intends to offer several products over the internet and expand in lending activities.
