South African bank FNB plans to have a branch in each of Mozambique’s provincial capitals

25 August 2009

Maputo, Mozambique, 25 Aug – The Federal National Bank (FNB) of South Africa plans by the end of 2010 to invest US$12 million to fund its expansion plan, the bank’s chairman said in Maputo cited by newspaper Notícias.

Hermenegildo Gamito said that the expansion plan included the installation of at least one branch in each provincial capital in Mozambique, in order to “satisfy and ever-increasing number of customers.”

It is in this context that the bank Tuesday opened another branch in the city of Nacala-porto, the second in less than a year, as the first branch already operates in the city, taking the total number of FNB branches across the country to nine.

“Before the end of the year we will open another branch in the city of Beira and hope that by the end of next year we will have a branch in each provincial capital,” he said.

FNB Moçambique is a Mozambican-owned bank that is part of South African financial group First Rand, which has stakes not only in the banking sector, but also the insurance sector and financial asset management.

Nampula province, over the last few years has been a preferred destination for banking sector investments, and currently has over 20 branches. (macauhub)