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FirstRand look to Africa, Asia
FirstRand banking group is looking for opportunities in Africa and India to expand its business but, has ruled out any acquisitions in South Africa, relying instead on organic growth.
Group non-executive chairman Laurie Dippenaar told Business Day that South Africa is likely to be buffeted by "strong headwinds" as a result of the debt problems facing the United States and Europe.
The group's banking unit, First National Bank (FNB) entered the Tanzanian market a few months ago and has now also recently received regulatory approval to buy a bank in Zambia.
It terminated talks with Nigeria's Sterling Bank recently when it couldn't agree on the price for the company.
Dippenaar says that FirstRand will open its first retail banking unit in Mumbai, India in December and this will be followed by several other branches next year.
Read the full article on www.businessday.co.za.
