First National Bank Moçambique to open three more branches

2 June 2010

Maputo, Mozambique, 2 June – The FNB (Firs National Bank) Moçambique, a South African owned bank, plans to open three new branches by the end of the month, taking the number of branches across the country to 13, according to the bank’s 2009 annual report and accounts to which Macauhub had access.

Between June 2010 and June 2011, the First National Bank plans to open a further five branches, making a total of 18.

The First National Bank currently has branches in Maputo, Tete and Nampula, where it has been operating since May, 2001.

The Annual Report and Accounts said that credit to companies continued to account for most of the bank’s business and represented 73.8 percent of all loans granted, with the bank’s credit portfolio totalling 1.616 billion meticals.

Loans in foreign currency, both to companies and individuals, continued to fall due to changes in the law about loans in foreign currency.

Customer deposits, which are the main source of FNB Moçambique’s financing, in 2009 continued to see significant growth, which had been seen in 2008, rising to 2.176 billion meticals at the end of the year, which was a rise of 51 percent year on year.

FNB Moçambique currently has a network of 10 branches, a business centre for companies and 17 automatic teller machines (ATM) and is 90 percent owned by First Rand Moçambique Holdings. (macauhub)

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