South Africa’s FirstRand Bank says it is planning to set up an Investment Bank in Nigeria. This will be built from scratch, the bank’s chief executive told Reuters after reporting a 26 per cent rise in first-half profit.
Sizwe Nxasana-CE FirstRand Bank
The bank said that it would keep pursuing expansion in other African countries such as Nigeria and Ghana.
FirstRand which already has operations in seven African countries, said it aimed to also buy a smaller retail and commercial bank in Nigeria.
"If we do acquisitions, they will typically be small to medium size," Chief Executive Sizwe Nxasana told Reuters
"We wouldn't want to spend more than, I would say, 10 percent of our capital on new acquisitions or new opportunities."
The bank ended talks to buy a stake in Nigeria's Sterling Bank last year after failing to agree on price.
FirstRand Sizwe Nxasana speaks to CNBC Africa on the bank's last full year result.