In February, Beltone Holding, an Egypt-headquartered financial services group with operations in investment banking and asset management, spent $227.13 million (€197.6 million) to acquire Baobab Group. Three months later, the lender generated more revenue than all of Beltone’s other businesses combined.
Baobab contributed 53% of Beltone’s EGP6.8 billion ($136.68 million) operating revenue in the first quarter of 2026, making it the group’s single largest business line, according to the company’s financial results.
Its gross lending portfolio grew by 236% year-on-year to EGP101.1 billion ($2.03 billion) in the first quarter. Baobab alone contributed EGP60.9 billion ($1.22 billion), meaning roughly six out of every ten pounds lent by the group now originates from the acquired business.
Beltone’s first-quarter results show how its bet on cross-border growth is paying off. Rather than expand market by market, the company acquired Baobab, a pan-African lender with operations across seven countries.
Originally published by TechCabal.