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FirstRand seeks 50% growth in Nigerian business

17 February 2014, 10:29

Lagos - On the back of a fertilizer project, an independent power plant and the Lekki Port project, FirstRand Ltd. (FSR), owner of South Africa’s second-largest bank, is expecting a topline growth of 50 percent in 2014 from its Nigerian businesses, reports BusinessDay
Michael Larbie,, Chief Executive Officer of Rand Merchant Bank (RMB) the Nigerian unit of FirstRand, said the bank’s prospects for 2014 are quite encouraging despite the uncertainty in the country’s business environment.

He said with the successful completion of the privatization of the power sector, successor companies to PHCN will need money to maintain existing infrastructure and improve capacity generation.

To expand its reach further in Nigeria, the bank plans to add stock broking and equities trading business into its portfolio once it secures the necessary licenses from the regulatory bodies.

At present, the bank’s Nigeria business provides corporate lending, trade finance, letters of credit (LCs), financial advisory, fixed income trading and FX trading.

Read more at BusinessDay

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