First Capital Bank acquires Bank of India (Botswana) Limited

FMBcapital Holdings Group (FMBCH), the Mauritius based holding company for First Capital
Bank Botswana has 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”,
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.”
Commenting on the conclusion of the deal, First Capital Bank Botswana’s Chief Executive
Officer, 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.” He further stated that “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.

About FMBcapital Holdings
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.

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