LOLC Holdings PLC through its sub-subsidiary LOLC Mauritius Holdings has acquired Unguka Bank PLC in Rwanda further expanding its micro finance operations overseas.
The company in a stock filing said that it paid 5,333, 934,000 Rwandan Francs to acquire a 90% stake in the Unguka Bank which is a microfinance bank licensed by the National Bank of Rwanda.
The bank founded I 2005 is authorized to take deposits from clients and grant loans as well as engage in other related financial services.
The diversified LOLC Group derives 80% of its profit before tax from its overseas operations and already has its footprints in 25 countries in Asia and Africa.
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