FNB finally starts operations in Zambia
South Africa’s First National Bank (FNB), the retail banking unit of FirstRand Ltd, started operating in Zambia on Tuesday in line with its strategy to expand its footprint on the African continent.
FNB, which was granted an operating license in November 2008 by the Bank of Zambia, said it had opened three branches in the country, including one in the capital Lusaka and one in the Copperbelt area. It plans to open another two branches in 2010.
“Despite the current global economic climate, Zambia provides an investor friendly environment and is a low political risk country,” Michael Jordaan, FNB’s chief executive said in a statement.
“One of our key strategic focus areas is to deliver innovative banking services to all our customers in Africa by further expanding outside of South Africa.”
FNB will provide retail, business, commercial and corporate banking services in Zambia, Africa’s biggest copper producer.
The retail bank already operates in Namibia, Botswana, Swaziland, Lesotho and Mozambique, and said in January it was considering expanding into Tanzania, Angola, Uganda and Ghana.
Rueters
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Finally I can go home now, limbi ba FNB can employ me, nomba my only problem is the experience I have. In pursuit of greener pastures in the diaspora,I have suffered enough eh…not long ago i was in England eh…trying to get work I ended up working for BBC (British Bum Cleaners), moved to America the land of dreams, I ended up working for ABC (American Bum Cleaners). Now am in South Africa, and am still working for a similar company, SABC (South African Bum Cleaners) coz I can’t get a permit! Nachula sana ma guys…!!!
Country boy and RMS:
The onus is largely on the BOZ to ensure that interest and inflation rates are within rasonable bounds, coz banks will only set the lending rates just marginally above that which th central bank sets.
Countryboy I agree with you.
which Michael Jordaan is this?
Thats very good news for us. But we need these banks to have reasonable interests rates to the benefit of zambians not the current situation were there is no real benefit to keep your money with a bank. You leave a K500,000 in an account for 3 months you will find it gone in the name of service and bank charges. We need loans which can assist to grow the economy of zambia not growing their economies where ever their head offices are.
Better for mother zambia.we expect good corporate governace best practice not siphoning the lttle resources remaining.
A sign that the economy is growing but unfortunately, the majority of these banks are concentrated along the line of rail. I feel government must come up with policies which will encourage banks invest in rural areas. Imagine some districts operating without a bank and after 45 years of independence, shame.