sitemaps.org/schemas/sitemap/0.9/sitemap.xsd BrandArena: TransUnion to Expand in Africa through Acquisition of Majority Shareholding in CRB Holdings Limited

Friday, 28 October 2011

TransUnion to Expand in Africa through Acquisition of Majority Shareholding in CRB Holdings Limited

A global leader in credit and information management, TransUnion announced yesterday that it has entered into an agreement with CRB Holdings Limited, the parent company of CRBAfrica to purchase a majority shareholding in CRB Holdings Limited, a credit risk management organization with a presence in eight countries across Africa.

The acquisition significantly expands TransUnion’s footprint in Africa. Building on its existing presence in South Africa, Namibia, Botswana, Zimbabwe and Swaziland, TransUnion can now enhance operations in Botswana and extend its footprint into Kenya, Mozambique, Malawi, Rwanda, Tanzania, Uganda and Zambia, bringing a wide range of credit reporting and risk management solutions to these emerging markets. Terms of the transaction were not disclosed. Closing of the transaction is subject to satisfaction of customary conditions to closing and regulatory approvals.

“For TransUnion, broadening our presence in Africa is part of our strategy to open opportunities for both businesses and consumers, helping to fuel economic growth in these evolving credit markets,” said Edward Khoury, Group CEO TransUnion Africa. “We are delighted to be working with CRBAfrica and leveraging their experience and relationships within these countries to introduce to the local markets the many benefits of credit information.

In addition to supporting new retail and banking customers in the region, this will also enable our large customers in South Africa to launch operations further into Africa, whilst being assured of Credit Bureau support.”

With a population of approximately a billion people and a strong gross domestic product, Africa is increasingly the focus of both local and international commercial interest and investment.

The benefits of this investment are widespread, but the introduction and influence of credit bureaus in particular are expected to have a significant effect on the economies of Africa in the medium term and positively impact job creation, specifically at a Small, Medium and Micro Enterprise (SMME) level. Moreover, at a social level, studies have shown that widening access to regulated credit fosters positive results for the distribution of wealth.

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