Finbond to acquire 50% in US-based lender Americash for R545.3m
Microlender Finbond said on Thursday it had agreed to buy 50% in Americash to expand its short-term lending business in the North American market. It has the option to buy the rest of the company in October 2017 The deal will grow the number of Finbond branches in North America to 178 with a presence in the states of Illinois, Wisconsin, Missouri, Oklahoma, South Carolina, New Mexico, Utah, Nevada, Louisiana, Mississippi, California, Indiana, Alabama and Florida, the last six of which Finbond already operates in. Up to 70% of Finbond net earnings will be denominated in dollars after the closing of the deal, which would be funded through a rights issue to be undertaken between November and February.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.