FNB launches Moz operations

JOHANNESBURG – First National Bank, a unit of South Africa’s second biggest banking group, FirstRand, said on Tuesday it had launched its Mozambican operation, FNB Mozambique.

The launch follows parent company FirstRand’s purchase of an 80 per cent stake in Banco Desenvolvimento e Comercio (BDC) from majority shareholder Montepio Geral Group in Portugal and other shareholders. FNB said the 139 million rand deal included the acquisition of 19,6 per cent stake in Interbancos, which provides card acquiring devices, ATMs, cellphone banking and clearing of transactions between banks.”The acquisition of a bank of this size is in line with the group’s accelerated greenfields strategy, where for acquisition purposes the group favours small operations that have entrepreneurial initiative, intellectual flair and local market contacts that act as beachheads to look for bigger opportunities,” FNB CEO Michael Jordaan said in a statement.FirstRand, unlike rivals Standard Bank and Absa, has operations only in South Africa, Swaziland, Namibia, Lesotho and Botswana.Standard Bank is active in 18 African countries including South Africa.South Africa’s biggest retail lender, Absa, majority-owned by Barclays Plc, is currently in the process of buying the African operations of its parent.Barclays is active in 10 African countries, including South Africa, while Absa has operations in five other countries on the continent.The groups will have an overlap in Tanzania and Zimbabwe, where both have interests.Nampa-ReutersFNB said the 139 million rand deal included the acquisition of 19,6 per cent stake in Interbancos, which provides card acquiring devices, ATMs, cellphone banking and clearing of transactions between banks.”The acquisition of a bank of this size is in line with the group’s accelerated greenfields strategy, where for acquisition purposes the group favours small operations that have entrepreneurial initiative, intellectual flair and local market contacts that act as beachheads to look for bigger opportunities,” FNB CEO Michael Jordaan said in a statement.FirstRand, unlike rivals Standard Bank and Absa, has operations only in South Africa, Swaziland, Namibia, Lesotho and Botswana.Standard Bank is active in 18 African countries including South Africa.South Africa’s biggest retail lender, Absa, majority-owned by Barclays Plc, is currently in the process of buying the African operations of its parent.Barclays is active in 10 African countries, including South Africa, while Absa has operations in five other countries on the continent.The groups will have an overlap in Tanzania and Zimbabwe, where both have interests.Nampa-Reuters