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Abu Dhabi-based International Holding Company (IHC) has injected a capital investment of Dhs734m ($200 m) in Lulo Colombia, the holding company of Colombia’s first regulated digital bank, Lulo Bank, through one of its subsidiaries. Founded by Colombian businessman Jaime Gilinski, Lulo Bank is Columbia’s first fully digitalised bank. It has signed up more than 120,000 active users since it was launched in June this year and is set to complete more than 200,000 users applications before the end of 2022.
“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 per cent. It’s critical for us to align any transaction with our growth strategies, whether to acquire new capabilities or consolidate, and Lulo Colombia sits very well with our expansion plans in Latin America.”
https://gulfbusiness.com/abu-dhabis-ihc-expands-into-latin-america-invests-200m-in-lulo-colombia/
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