FNB ramps up expansion drive

Johannesburg - The retail arm of FirstRand [JSE:FSR] aims to spend almost R2bn in the next 12 months on expanding its entry-level banking network and its presence in Africa, the unit’s head told the Business Day newspaper.

“FNB will invest nearly R2bn in the next 12 months in physical infrastructure,” Michael Jordaan, the CEO of retail arm First National Bank, told the newspaper in an interview published on Tuesday.

“We are expanding out EasyPlan branch network, increasing our Africa footprint... as well as investing in marketing and innovation.”

FirstRand, like its rivals, is looking to tap fast-growing African markets beyond its home country.