Abu Dhabi – Mubasher: International Holding Company’s (IHC) wholly-owned subsidiary, IHC Capital Holding, acquired a 49.99% shareholding in Lulo Colombia S.A. with an investment of AED 734 million ($200 million). 

The management is currently completing all necessary procedures, subject to obtaining regulatory approvals, according to a recent stock exchange statement.

Established in 2020 in Colombia, Lulo Bank is a mobile banking application that provides financial services.

“With more than 90% of its 400 employees working from home, Lulo Bank offers a secure & free mobile banking app for banking from anywhere in the world. Today, the digital bank serves more than 120,000 active users in the country,” IHC said.