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Abu Dhabi-based investor International Holding Company (IHC) has entered into the South American market with an investment of 734 million dirhams( $200 million) in a Colombian company.
The diversified investor made the capital investment in Lulo Colombia S.A., the holding company of Colombia's first regulated digital bank Lulo Bank S.A., through one of its subsidiaries, the Abu Dhabi Securities Exchange-listed company said in a statement on Monday.
Lulo Bank is Colombia's first fully digitalized bank and has signed up more than 120,000 active users since it was launched in June this year.
IHC's CEO Syed Basar Shueb said : "It’s critical for us to align any transaction with our growth strategies, whether to acquire new capabilities or consolidate, and Lulo Colombia S.A. sits very well with our expansion plans in Latin America."
The Colombian market is the fourth global market IHC is expanding its investment activities into this year after the United Kingdom, India, and Turkey.
(Writing by Brinda Darasha; editing by Seban Scaria)