October 12, 2022 |
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
Abu Dhabi-based firm acquires 49.9% stake in Grupo Gilinski’s digital bank