South Africa’s FNB to begin banking operations in Nigeria, Ghana




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By Ventures Africa

financial company, First National Bank (FNB) plans to expand retail banking operations to and by 2014 to boost growth.

’s economic climate had changed and retail banking market was becoming more competitive in region, hence decision to expand further, said Jacques Celliers bank’s CEO.

According to a BDlive , FNB will try to get a banking licence in , up brand organically and then make a small to mid-sized acquisition to scale.

This year, lender’s efforts to clinch a deal in did materialise, leaving it with an option to apply for a banking licence or explore another acquisition opportunity.

In 2011, FirstRand resorted to building the FNB brand organically in Zambia after efforts to acquire Finance Bank Zambia fell through. That Zambian has expanded from seven branches in mid 2012 to 10 in June this year.

“…you can’t always wait for deals,” Mr Celliers said regarding the company’s Ghana market entry plans.

FNB, a division FirstRand Limited with operations in Namibia, Botswana, Mozambique, , Swaziland and Lesotho, had previously indicated interest to acquire banks held by Asset Management Corporation , which holds Mainstreet, Keystone and Enterprise Bank.

Bloomberg however that the group had narrowed its interest to Keystone and Mainstreet.