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
