CAPE TOWN - Finbond - a subsidiary of Finbond Mutual Bank eyes to acquire America's Financial Choice - a US-based financial institution at R99.6 million.
Finbond said by entering into this agreement forms part of its strategy to transform itself into a multinational financial services business. Finbond's CEO, Dr. Willem van Aardt said, "Our aim is to diversify across geographies, market segments and products and generate the majority of our revenue in US dollars."
America’s Financial Choice has an extensive successful track record as an alternative lender specialising in instalment and auto title lending.
ALSO READ: Finbond expands in the US
Aardt further said that Finbond’s expansion in North America has been enabled by teaming up with highly experienced owner-managers in operating short-term unsecured lending in the businesses in the region. Early in November, the Global Credit Ratings (GCR) upgraded the long-term national scale rating of Finbond Group to BBB(ZA) and affirmed its short-term national scale rating of A3(ZA).
ALSO READ: Finbond group's rating upgraded
The GCR said its long-term ratings upgrade of Finbond stemmed from the group’s notably improved earnings diversification following business acquisitions during the group’s 2017 financial year.