Johannesburg - FirstRand [JSE:FSR] plans to start a retail
banking business in India in December, Business Day newspaper said on
Tuesday.
FirstRand, South Africa's second-largest bank, already has a
full commercial banking licence in India, and a presence in Mumbai. It will
become the first African lender to start retail banking in the Asian country,
the newspaper said.
"India's gross domestic product grew 7.5% in the second quarter of this year and is expected to maintain growth at similar levels for decades to come. Compared with South Africa's long-run economic growth rate of about 3.5%, it is apparent why India is a really attractive market for us," Michael Jordaan, chief executive of FirstRand’s retail arm, was quoted as saying.