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The Bank of India’s Botswana branch has closed shop and surrendered license to the central bank.

Seamogano Mosanako, Head of Communications and Information Services at the Bank of Botswana (BoB) disclosed the development on Friday, in the capital Gaborone.

“Bank of India (Botswana) Limited has surrendered, with immediate effect, its banking licence, following acquisition by First Capital Bank Limited. The acquisition follows the bank’s decision to voluntarily close operations in Botswana,” said Mosanako.

The development has reduced the number of banks registered in Botswana to nine. Enditem

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