By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Africa’s biggest lender by market value FirstRand Limited has reiterated its resolve to ‘’bolt-on acquisitions” in Nigeria, a Bloomberg report quoted Sizwe Nxasana, chief executive officer (CEO) of the bank in an interview October 7.
Nxasana while attending a meeting with Swiss private banks and other investors in Geneva had in September said FirstRand had set aside 10 billion rand for expansion across Africa, but needs a retail franchise in Nigeria.
According to him, FirstRand can’t have a complete financial-services offering with the license that they have and would want to create a mini-unit in Nigeria.
‘’This means we have to be in retail at some point. Our strategy has been very successful and we’re sticking to our knitting,” Nxasana said.
FirstRand late last year said it’s considering buying Mainstreet Bank in Nigeria to help establish a consumer-banking presence in the country; but later pulled out of the bid.