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

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.