Botswana’s coy acquires Nigeria’s FBN Microfinance bank

FBN

Letshego Holdings Limited, a Botswana based financial services institution has taken up the shares of FBN Microfinance Bank Limited, a subsidiary of FBN Holdings.

 

Letshego Holdings has a market capitalization in excess of US$500 million which makes it the third largest quoted company on the Botswana Stock Exchange (BSE).

The group has more than 250,000 consumers being served by its micro lending subsidiaries across 10 countries in Southern and East Africa. These subsidiaries provide short to medium-term unsecured loans to formally employed clients.

FBN Microfinance Bank Limited was incorporated in March 2008 and duly licensed by the Central Bank of Nigeria under the BOFIA (Banks and Other Financial Institutions Act No 25 of 1999). It commenced operations in January 2009 with a fully paid up capital of N2 billion.

FBNMFB is a national microfinance bank licensed to operate in 36 states of Nigeria including Abuja, FCT.

A fully owned subsidiary of FirstBank, FBNMFB is committed to providing financial access to small scale industries, petty traders, artisans and individuals to meet their day-to-day business aspirations and to create wealth.

FBNMFB is also dedicated to providing financial and business advisory services to its target segment with a range of products designed for the growth of their businesses.

The bank as at December 2014 disbursed N 19.1 billion in loans to 51,148 number of customers.

A circular from FBN Holdings Plc made available by the Nigerian Stock Exchange (NSE) disclosed that “FBN Holdings Plc has executed a sale and purchase agreement with Letshego Holdings Limited to sell its shares (in FBN Microfinance Bank) to Letshego. We expect that the sale will be concluded before the end of the current financial year,” the statement said.

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SOURCE: BusinessWise

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