Karkash Group has announced the acquisition of Team Finance, a provider of digital financial services and consumer finance in the UAE. The acquisition is expected to expand Karkash Group’s financial services in the market and enhance the Group’s ability to implement its strategic development plans.
Disclosure of the terms and conditions for the purchase of Team Finance is not in the notice of contract.
Through the Damon Investment Company, one of the leading regional companies in the sector, the Karkash Group has a strong presence in the non-bank financial services sector for over 23 years. Daman Investments offers a variety of services including asset management, stock brokerage and wealth management.
Daman Investments has a long history in the field of investment management and consulting services for local and regional clients. Damon, through its core consulting services, enables companies to increase their capital to strengthen and grow their business, advises on mergers, acquisitions and sales and provides guarantees for capital, stock and credit market transactions.
Diem was established after the strategic restructuring of a company owned by Mubadala Investments, Fullerton Financial Holdings, Waha Capital and Abdullah Ahmed Al Masa projects. The company has assets and bank loans worth over one billion dirhams in addition to the bank. Deposit
Team Finance offers a wide variety of corporate finance solutions, including loans, credit cards and corporate deposits. The company is licensed by the Central Bank of the United Arab Emirates and has been able to attract a wider customer base in the UAE market with its innovative range of cashback and loyalty cards.
Shehab Karkash, Managing Director and CEO of Karkash Group, said: “We are delighted to be a part of the team’s development journey. We hope this transaction will allow us to rediscover and improve our financial services in order to reconcile the success of our brands with the financial success of our customers.
Ahmed Kather Khan, CEO of Damon Investment, said: “Team Finance has developed a strong product portfolio and has the technical foundation to launch innovative financial products and services that meet the growing needs of individual and corporate clients.”
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