IHC buys stake in Lulo

IHC buys stake in Lulo

M&A Technology Digital Payments Colombia Middle East

International Holding Company, an Abu Dhabi-based conglomerate, acquired 49.9% of Colombian digital lender Lulo Bank from Grupo Gilinski. IHC paid AED734 million ($200 million) for the stake in the neobank’s holding company, Lulo Colombia, according to securities filing. The deal gives IHC a toehold in Latin America and comes just weeks after the company announced a public offer for up to 31% of Colombian food processing firm Grupo Nutresa. It also cements IHC’s ties with Grupo Gilinski. IHC Cha

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