The acquisition is the result of Bank of India’s decision to divest from some markets outside of India, including Botswana
Image: First Capital’s head office in Gaborone. Photo: Courtesy of FMBcapital Holdings plc.
Mauritius based FMBcapital, through its First Capital Bank Botswana has acquired Bank of India (Botswana) (BOIB) for an undisclosed amount.
The deal was the result of Bank of India’s decision to divest from certain markets outside of India, including Botswana.
For FMBcapital, the acquisition of BOIB is expected to complement its products and further strengthens its presence as a regional player in the financial services industry in Botswana. The deal was closed after all statutory and regulatory requirements were met in the country.
FMBcapital group managing director Dheeraj Dikshit said: “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.
“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 completed integrating BOIB assets and clients
First Capital Bank stated that it had already integrated BOIB’s assets, clients and BOIB staff within its business. The company further claimed that customer accounts migration has also been completed, as they are now transacting on the First Capital Bank Botswana platform.
First Capital Bank Botswana CEO Jaco Viljoen said: “The acquisition of BOIB is a testament to First Capital Bank’s belief in the growth opportunities in Botswana as well as a commitment to the financial services industry. 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.”
“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, which has banking operations in Botswana, Malawi, Mozambique, Zambia and Zimbabwe.
Last October, FMBcapital announced that four of the five group operations were rebranded to First Capital Bank. The change in name is part of the launch of a new brand identity for FMBCH’s banking operations in Africa.