Firstrand granted Nigerian licence

Comment on this story
Lagos111 REUTERS An aerial view shows the central business district in Nigeria's commercial capital of Lagos.

FirstRand has identified Nigeria as a market offering strong growth opportunities after the JSE-listed banking group was granted an investment banking licence in the west African state.

The licence‚ which required an initial capital investment of $100m‚ marks FirstRand's latest foray into sub-Saharan Africa where the group is pursuing both organic and acquisitive expansion.

In addition to Nigeria‚ FirstRand is finalising the acquisition of Merchant Bank Ghana for almost R750m and is also expanding its retail banking operation in India‚ FirstRand Bank India which was launched in April.

Sizwe Nxasana‚ the group CEO‚ said FirstRand's entry into Nigeria was consistent with its strategy of building a presence in high growth African markets “with attractive long-term prospects”. - I-Net Bridge

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines