APA – Kigali (Rwanda) – LOLC Mauritius Holdings has completed the acquisition of Rwanda’s Unguka Bank Limited from local corporate and individual investors, an authoritative source confirmed to APA Monday in Kigali.
Since 2012, Unguka, a former microfinance institution has been upgraded to the commercial bank after securing a licence from the National Bank of Rwanda.
According to a statement seen by APA, this is a new strategic move by Inguka Bank PLC to acquire a substantial 90 per cent of its shareholding by LOLC Mauritius Holdings Limited (LOLC Mauritius) which is a subsidiary of LOLC Holdings PLC.
This landmark transaction, having received approval from the National Bank of Rwanda (BNR), marks a significant advancement in reshaping Unguka Bank’s position in the Rwandan financial landscape, it said.
LOLC Holdings PLC is a multinational financial conglomerate with a presence in 25 countries across Africa and Asia.
LOLC has been at the forefront of providing inclusive financial services product offerings to its customers across the geographies that it operates in, thereby enabling its clients to meet their aspirations.
In addition to financial services, the diversified operations of the LOLC Group encompass manufacturing and trading, leisure, agriculture and plantations, technology, research and innovation, construction, and strategic investments, it said.
The Group’s operations span across Kenya, Tanzania, Zambia, Zimbabwe, Malawi, Nigeria, Egypt, Sierra Leone and Mauritius in Africa in addition to Rwanda while being poised to commence operations in Ghana and The Democratic Republic of Congo.
CU/abj/APA
LOLC Mauritius Holdings acquires shares from Rwanda’s Unguka Bank
