Zimbabwe: FMB Capital Acquires Bank of India's Botswana Unit

5 December 2019

Mauritius based FMB Capital Holdings Group (FMBCH), which runs First Capital Bank Zimbabwe, this week concluded the successful acquisition of Bank of India (Botswana) Limited (BOIB) by First Capital Bank Botswana.

The decision follows a transaction by the Bank of India to diverse from certain markets outside of India, including Botswana.

In a statement, the holdings company said the acquisition complements product offering and further strengthens the institution's 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 statement said.

First Capital Bank Zimbabwe's acting managing director and group chief finance officer for FMB Capital Holdings, Ciaran McSharry said the latest deals show the institution's commitment towards quality.

"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."

Dheeraj Dikshit, Group Managing Director of FMB capital Holdings said the acquisition of BOIB feeds into the bank's strategy and focus to grow the regional footprint and leverage on increased cross border trade and commerce in those markets.

"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," he said.

First Capital Bank Zimbabwe is a part of FMBCH 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 and is listed on the Malawi Stock Exchange.

It has banking and finance operations in five SADC countries, namely Botswana, Malawi, Mozambique, Zambia and Zimbabwe.

In October 2017, FMBCH group acquired a 62% shareholding in Barclays, Zimbabwe and is currently trading as First Capital Bank in association with Barclays.

The financial institution is one of the leading banks in Zimbabwe having operated in the country since 1912 and is listed on the Zimbabwe Stock Exchange.

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