FirstRand Earmarks $924m for Expansion in Africa

FirstRand Limited, Africa’s biggest bank by market value has said it is setting aside 10 billion rand ($924 million) for expansion across the continent, as profit increases from regions outside its home market, South Africa.

“We’ve got a provisional licence in Ghana and should be up and running there in early 2015,” Chief Executive Officer of the Johannesburg-based bank, Sizwe Nxasana told Bloomberg yesterday.

He added: “In time, we’ll set up operations in Kenya and Angola.”

South African and international banks are targeting expansion in West and East Africa to take advantage of accelerating economies and population growth.

Robert Diamond’s Atlas Mara Co-Nvest Ltd, last week increased its stake in

Bob Diamond in Talks to Buy Stake in Union Bank

Atlas Mara, the African investment vehicle of former Barclays boss, Bob Diamond is in talks to buy a $275 million stake in Union Bank of Nigeria (UBN), a source familiar with the matter said yesterday. Lagos-based UBN was established as Colonial Bank in 1917, and from 1925 until the 1970s was owned by Barclays, the British bank that Diamond led before he was ousted two years ago. UBN's market capitalisation is about $850 million. Atlas Mara has to make a decision on whether to buy the minority stake in UBN by Sunday.

According to Reuters, Atlas Mara and UBN declined to comment. Atlas Mara said in a prospectus published last month for the relisting of its shares in London that