Mauritius – based FMB Capital Holdings Group (FMBCH), a parent company for First Capital Bank Malawi, has acquired Bank of India Botswana Limited (BOIB) through its First Capital Bank Botswana.
In a statement issued yesterday, the firm says the opportunity to acquire BOIB came as result of the decision by Bank of India to divest from certain markets outside India, including Botswana.
The acquired business complements FMBCH’s offering of products and further strengthens its position as a regional player in the financial services industry.
Acquiring BOIB becomes an opportunity following Bank of India’s goal to invest in markets outside India.
FMB Capital Holdings Group Managing Director, Dheeraj Dikshit says in the statement that the acquisition strengthens the bank’s position as a regional player in the financial services industry.
“The acquisition of BOIB feeds into our strategy and focus to grow our regional footprint and leverage on increased cross border trade and commerce in the markets that we operate in. It is an incredible milestone for our business and a reflection of the belief that our shareholders and customers have in the growth of the business we have created,” Dikshit said.
In the statement, First Capital Bank Malawi Chief Executive Officer, Rakesh Jha, says the acquisition represents an important strategic opportunity for First Capital Bank in strengthening core operations in Southern Africa.
“The acquisition also adds to our capacity to broaden our services especially to our clients who are looking into or are already exporting within the region,” Jha said.
FMBCH has operations is Malawi, Bostwana, Malawi, Mozambique, Zambia and Zimbabwe.
FMB Capital Holdings Plc provides banking and finance solutions through its operating subsidiaries in five Southern African Development Community markets.
The group has a total asset base of $ 971 million, employs over 1 600+ staff and services the financial needs of over 850 000+ customers.