FNB plans to expand into Nigeria’s Retail Banking Sector

Proshare

Monday, December 02, 2013 1724hrs / A&E Legal

 

First National Bank (FNB), South Africa has put plans in motion to extend its operations to Nigeria and Ghana in 2014.

 

This is as a result of the South African economic climate changing and retail banking becoming more competitive in the region.

 

FNB had indicated interest to acquire the banks that are in the custody of the Asset Management Corporation of Nigeria which are Mainstreet, Keystone and Enterprise Bank.

 

In Ghana, FNB will try to get a banking licence and then build up the bank organically and then grow it into a small to mid-sized acquisition to build to scale.

 

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