Old Mutual Investment Group has acquired stakes in FMB Capital Holdings. The development, is in response to 122m new shares by FMBCH, which are worth K8.54bn.

FMBCH Group Managing Director, Dheeraj Dikshit said the development will fund short term medium growth initiatives across the group to grow and solidify its position as a leading banking group in the Southern African region.

The Mauritius based FMBCH controls First Capital Bank (formerly First Merchant Bank) which is in Malawi, Botswana, Zambia and Zimbabwe and Mozambique. The development will arm Old Mutual as a force to reckon with in the investment sector.