Finbond buys a slew of US micro-lenders and now 75% of Blake Enterprises
After buying a string of US short-term lenders in NOrth America, Finbond acquires 75% of Blake Enterprises for $9.6m
Niche financial services group Finbond is acquiring 75% of US lender Blake Enterprises for $9.6m (about R130m), the JSE-listed bank announced on Wednesday. This is the latest in a string of North American short-term lenders Finbond has acquired. In October, it bought half of AmeriCash for $37.5m (about R545m). In February 2016 it bought half of San Bernardino-based Cashback for $8m, as well as American Cash Advance for $8m, The Cash in a Flash for $1.2m, and Cash Shop Canada for C$6.5m. "Following the Blake Enterprises transaction, approximately 60% to 70% of Finbond’s net earnings will be denominated in US dollars and the intention is to grow dollar earnings to approximately 80% to 90% of net earnings in three to five years," Finbond said. The latest acquisition will expand Finbond’s North American branch network to 223 outlets spread over 16 US states, as well as Ontario in Canada. "Blake Enterprises conducts its business through 52 brick and mortar locations in Tennessee, Louisia...
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