FNB to Spend $40 Million on Africa Growth, Business Day Says

FirstRand Ltd. (FSR)’s First National Bank will spend as much as 300 million rand ($40 million) during the next three years to expand in African nations where it already operates, Business Day reported.

The Johannesburg-based bank will spend 100 million rand to 300 million rand in Lesotho, Mozambique, Tanzania and Zambia, the Johannesburg-based newspaper said, citing Chief Executive Officer Michael Jordaan.

To contact the reporter on this story: Andres R. Martinez in Johannesburg at amartinez28@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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