17/05/2007 The London Stock Exchange is delighted to welcome ICB Banking Group to AIM.
17 May 2007
The London Stock Exchange is delighted to welcome ICB Banking Group to AIM.
ICB Banking Group provides banking services in emerging countries, primarily in African and in Indonesia and has a particular focus on the consumer and small business markets.
The company raised US$10 million prior to flotation and the offer price of around 50 pence per share is based on a market capitalisation of US$180 million.
The AIM quotation follows a period of steady and controlled growth for ICB which was founded in 1994 and now has 96 branches in 10 countries. The decision to join AIM is designed to broaden the company’s shareholder base and provide a basis for future expansion in Africa and Asia.
Michael Hanlon, the Group’s UK-based chairman commented:
“ICB has an innovative business model with a focus on emerging countries which are likely to experience a growing demand for banking services. This is an approach that will continue as part of our strategy to procure more banking licenses and make acquisitions.”