South Africa’s First National Bank decides to expand into Angola

14 December 2009

Lisbon, Portugal, 14 Dec – South Africa’s First National Bank (FNB) has decided to expand into the Angolan market, and is waiting for approval from the Luanda authorities to open a representative office, said a top official from the bank, one of the largest in South Africa.

“The group is waiting for regulatory authorisations to open in Angola,” the FNB investor relations director, Sam Moss, told Portuguese news agency Lusa.

Moss also said that the bank was ‘actively looking to expand it retail banking operations in certain African markets.”

“The group has focused itself on opportunities in Angola, Nigeria and Tanzania in the short and medium term, and on Ghana and Kenya in the medium to long term,” Moss said.

Recently, he said, the FNB had received the necessary authorisations to expand its operations to Nigeria and “is currently awaiting final approval from the Angolan authorities and plans also to start offer its services in Tanzania soon.”

The FNB has been operating in Mozambique since July, 2007, with retail branches, a network of automatic teller machines (ATMs) and a corporate banking branch. (macauhub)

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