South African lender First National Bank (FNB)
has bought Finance Bank Zambia for $5.5m.
This transaction results in FNB Zambia becoming the 5th
largest financial services provider in Zambia, with a footprint of
55 branches in nine regions.
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Finance Bank has the largest rural network
among Zambian lenders. The central Bank of Zambia seized Finance
Bank from its shareholders in 2010 for regulatory breaches
including lending, whereupon it was managed by
FirstRand.
FNB Zambia plans to invest heavily in
upgrading the branch and ATM infrastructure, improving connectivity
and enhancing the overall customer proposition.
CEO of FNB Zambia, Michael Jordaan, said,
“This is a massive step forward in our drive to grow the FNB
footprint. The acquisition represents a leap forward in FNB’s
investment in the continent and will bring our innovative banking
channels to markets across Africa.”
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By GlobalData
