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.
Within three months of completing the deal, Baobab had become Beltone’s largest source of revenue and lending activity, offering an early indication that the company’s next phase of growth could come from outside Egypt.
