Skip to content
Subscriber Only

Africa’s Biggest Bank Chasing Nigerian Deals After Oil Slump

  • FirstRand won’t overpay on takeovers, Chairman Dippenaar says
  • Lender ended talks on two deals over valuation differences
Updated on

The crisis in Nigeria is throwing up opportunities for Africa’s largest bank.

FirstRand Ltd., which is seeking an acquisition of mid-sized lender in the continent’s most populous nation, is also considering one other target after ending talks with two lenders because of differences over price, Chairman Laurie Dippenaar said. The Johannesburg-based company would prefer an institution with a big branch network, though is unlikely to buy any of the country’s large banks, he said.