First Capital Bank completed the acquisition of Bank of India (Botswana).

FMBcapital Holdings Group, the Mauritius based holding company for First Capital Bank Botswana completed the acquisition of Bank of India (Botswana), the overseas branch of Bank of India. Financial terms were not disclosed. 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. “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,” Dheeraj Dikshit, FMBcapital Managing Director.