A trading statement signed by Group Managing Director, Dheeraj Dikshit, has shown that FMB Capital Holdings’ profits for 2019 dipped by 70%, as the GM has attributed the results to the impact of the macroeconomic environment in Zimbabwe, specifically the impact of hyperinflation and devaluation of the local currency.

According to the GM, the performance of the other businesses in the group is in line with expectations, except for Zimbabwe. FMBCH which runs First Capital Bank Zimbabwe, last month concluded the successful acquisition of Bank of India (Botswana) Limited (BOIB) by First Capital Bank Botswana. The decision follows a transaction by the Bank of India to diverse from certain markets outside of India, including Botswana.

In a statement, the holding company said the acquisition complements product offering and further strengthens the institution’s position as a regional player in the financial services industry.