IHC steps into Latin America with AED734 million investment in Lulo Colombia S.A

IHC steps into Latin America with AED734 million investment in Lulo Colombia S.A

ABU DHABI, 10th October, 2022 (WAM) -- International Holding Company PJSC (ADX: IHC), the diversified Abu Dhabi-based conglomerate, has announced today a capital investment of AED734 million in Lulo Colombia S.A., which is also the holding company of Colombia’s first regulated digital bank, Lulo Bank S.A. (“Bank”), through one of IHC’s subsidiaries.

Lulo Bank is a fast-growing and new player that enters the field of neobanks in the Colombian market and plans to expand into other Latin American markets. The Bank was founded by Jaime Gilinski, a Colombian businessman with over 45 years of banking experience in Latin America, North America, and Europe.

Commenting on the acquisition, Syed Basar Shueb, Chief Executive Officer, IHC said, "The fintech ecosystem in Latin America has risen quickly over the past couple of years with sustained growth observed in all segments and in the number of active fintech companies, especially digital banking which has witnessed the most substantial growth at an average annual rate of 57 percent between 2017 and 2021 to reach 60 percent. In the case of Colombia, it has made significant progress in terms of financial inclusion with the increase in access to financial products, which rose to 87 percent. It’s critical for