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South Africa's First National Bank has started operating in Zambia,
taking advantage of an investor-friendly environment with low political
risk to expand in the southern African country.
Since receiving its Zambian banking licence in November 2008, First
National Bank (FNB) has opened three full-service branches, including a
commercial branch, in Lusaka, and a branch in Zambia's copper belt. A
further two branches have already been planned for 2010.
"Despite the current global economic climate, Zambia provides an
investor-friendly environment and is a low political risk country," FNB
chief executive Michael Jordaan said in a statement last week,
coinciding with the official opening of FNB's first branch by Zambian
President Rupiah Banda.
"FNB believes that it can add value to the Zambian banking industry
by bringing the best of our acquired skills and knowledge on the
continent in terms of our innovative products, services and
technology," Jordaan said.
"One of our key strategic focus areas is to deliver innovative
banking services to all our customers in Africa by further expanding
outside of South Africa. In line with this, FNB's vision is to be the
pre-eminent financial services group in South Africa and the rest of
Africa."
FNB Zambia CEO Richard Hudson said the bank's Zambian offerings
included branches and ATMs, as well as electronic and cellphone
banking. "To ensure efficient execution, our strategy is to roll out
products, services and channels in a phased approach.
"In addition, FNB has a multi-currency product offering that offers
accounts in five different currencies," Hudson said. "It is also the
group's first subsidiary to utilise full satellite technology."
Hudson said he believed that the Zambian personal and business
banking environment was open and receptive to new market players.
"FNB has industry leading innovations which have been successfully
launched in other African countries, and now Zambia will reap the
benefits of FNB's innovative thinking," he said
source SAinfo reporter
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