- Title: ZAMBIA: South Africa's First national Bank (FNB) expands operations to Zambia
- Date: 28th October 2009
- Summary: LUSAKA, ZAMBIA (OCTOBER 27, 2009) (REUTERS) BUILDINGS STREET BILLBOARD READING: "FNB Zambia" FNB ZAMBIA OFFICES WOMAN PICKING BROCHURES WITH INFORMATION INSIDE BANK VARIOUS OF PEOPLE AT BANK COUNTERS VARIOUS OF ZAMBIAN CURRENCY KWACHA NOTES CUSTOMER AND BANK CASHIER CUSTOMERS AT BANK ZAMBIA'S PRESIDENT RUPIAH BANDA, FIRST NATIONAL BANK CHIEF EXECUTIVE OFFICER MICHAEL JORDAN AND OFFICIALS BANDA AND JORDAN UNVEILING BANK PLAQUE PLAQUE JORDAN HANDING BANDA VUVUZELA (A HORN) (SOUNDBITE) (English) FIRST NATIONAL BANK CHIEF EXECUTIVE OFFICER MICHAEL JORDAN, SAYING: "Why Zambia? Well some of the explanations are obvious, it's a selling country and importantly it's an investor friendly environment with very low political risk, with one of the highest GDP's in the region and with very good growth potential." VARIOUS OF PEOPLE IN AUDIENCE (SOUNDBITE) (English) ZAMBIA'S PRESIDENT RUPIAH BANDA, SAYING: "As the economy continues to grow, it is important that this growth is supported by an efficient and effective financial sector. Increased financial activity demands a wide range of banking products and services which should be tailored to meet the new business challenges." ATM MACHINES WOMAN BEING ASSISTED TO OPERATE ATM MACHINE BILLBOARD READING: "Internet Banking" STREET
- Embargoed: 12th November 2009 12:00
- Keywords:
- Location: Zambia
- Country: Zambia
- Topics: Finance
- Reuters ID: LVA7ZM585F67C557900Y60MAZA70
- Story Text: South Africa's First national Bank (FNB) starts operating in Zambia, in line with a strategy to expand its footprint on the African continent.
South Africa's First National Bank (FNB) -- the retail banking unit of FirstRand Ltd -- started operating in Zambia on Tuesday (October 27) in line with its strategy to expand its footprint in 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, and one in the Copperbelt area. It plans to open another two branches in 2010.
"Why Zambia? Well some of the explanations are obvious, it's a selling country and importantly it's an investor friendly environment with very low political risk, with one of the highest GDP's in the region and with very good growth potential," Michael Jordan, FNB's chief executive, said in Lusaka during the official launch of the bank.
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.
Zambian president Rupiah Banda said the positive economic growth that is being recorded in his country needs a well-organised banking sector that will meet the challenges that come with huge investment.
"As the economy continues to grow, it is important that this growth is supported by an efficient and effective financial sector. Increased financial activity demands a wide range of banking products and services which should be tailored to meet the new business challenges," said Banda said.
Zambia has 18 registered banks with 16 already in operation. The two banks that have set base but yet to start operations are the United Bank of Africa (UBA) and Ecobank.
Rival Standard Bank, Africa's biggest bank by assets, operates in 17 African countries, while Absa has links with other markets via its parent Barclays.
Nedbank, which operates in Lesotho, Malawi, Namibia, Swaziland and Zimbabwe, also has a pan-African business tie-up with Ecobank Transnational Inc. - Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2011. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None
