Saradar Bank said it has acquired a 49 percent stake in microfinance company Vitas SAL, a local subsidiary of the US-based Vitas Group. The transaction was valued at around $3.7 million according to a source linked to the transaction. Both Saradar and Vitas refused to confirm this figure.
In a statement, the bank said that the move will allow it to gain a foothold in the promising local microfinance market.
Vitas SAL, which launched its operations 17 years ago, has so far issued o...
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