FMB Capital Holdings Group (FMBCH), the Mauritius-based holding company of First Capital Bank Malawi, has acquired Bank of India (Botswana) Limited (Boib).
The opportunity to acquire Boib came as result of the decision by Bank of India to divest from certain markets outside India, including Botswana.
In a statement, FMBCH said the acquired business complements its 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,” reads the statement in part.
FMBCH group managing director Dheeraj Dikshit is quoted in the statement as having said that the acquisition of Boib feeds into the group’s strategy and focus to grow regional footprint.
He said 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”.
On his part, First Capital Bank Malawi chief executive officer Rakesh Jha said: “This acquisition represents an important strategic opportunity for First Capital Bank in strengthening our 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.”
First Capital Bank Malawi is a part of FMBCH plc, which has banking operations in Botswana, Malawi, Mozambique, Zambia and Zimbabwe.