FMBcapital Holdings Group (FMBCH), the Mauritius based holding company for First Capital Bank Zimbabwe has announced the successful acquisition of Bank of India (Botswana) Limited (BOIB) by First Capital Bank Botswana.
The opportunity to acquire BOIB came as result of the decision by Bank of India to divest from certain markets outside of 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.
The transaction was concluded after all statutory and regulatory requirements were fulfilled in Botswana.
First Capital Bank Botswana has already integrated BOIB’s assets, clients and BOIB staff within its business. The migration of customer accounts has also been concluded with former BOIB customers now transacting on the First Capital Bank Botswana platform.
“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”, said Dheeraj Dikshit, Group Managing Director of FMBcapital Holdings. He added that the acquisition was “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.”
First Capital Bank Zimbabwe’s Acting Managing Director and Group Chief Finance Officer for FMBcapital Holdings, Ciaran McSharry, said “The acquisition of Bank of India Botswana continues FMBCH’s commitment to investing in high quality and principled businesses that share our corporate values. This milestone has created new value for our shareholders, customers, communities and employees in the markets that we operate in.”
First Capital Bank Zimbabwe is a part of FMBcapital Holdings PLC, which has banking operations in Botswana, Malawi, Mozambique, Zambia and Zimbabwe. First Capital Bank offers a range of corporate, commercial and retail banking services.