FMcapital Holdings Group (FMBCH), the Mauritius-based holding company for First Capital Bank Botswana this week announced the successful acquisition of Bank of India (Botswana) Limited (BOIB) by First Capital Bank Botswana.
The opportunity to acquire BOIB came as a 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”, Dheeraj Dikshit, group managing director of FMBcapital Holdings, said.
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”. Commenting on the conclusion of the deal, First Capital Bank Botswana’s chief executive officer, Jaco Viljoen said, “The acquisition
Today’s financial needs are constantly changing and as First Capital Bank we continue to invest in businesses and technologies that will help our customers to achieve their extraordinary.”
He further stated “Economic growth in SADC is expected to increase and we are excited with the opportunities of helping our key clients to grow their businesses in the region whilst we grow ours with our purpose-led strategy.
The acquisition of BOIB will greatly strengthen our ability to do so.”
First Capital Bank Botswana is part of FMBcapital Holdings PLC, which has banking operations in Botswana, Malawi, Mozambique, Zambia and Zimbabwe.
First Capital Bank offers a comprehensive range of corporate, commercial and retail banking services.
FMBcapital Holdings Plc, Mauritius provides banking and finance solutions through its operating subsidiaries in five Southern African Development Community (SADC) markets – Botswana, Malawi, Mozambique, Zambia and Zimbabwe.
The Group has a total asset base of US$971 million, employs over 1, 600+ staff and services the financial needs of over 850, 000+ customers