FirstRand Targets $924M for Expansion in Africa

Sizwe Nxasana, CEO, FirstRand

FirstRand Ltd. (FSR), Africa’s biggest bank by market value, is setting aside 10 billion rand ($924 million) for expansion across the continent as profit increases from regions outside its home market of South Africa.

“We’ve got a provisional license in Ghana and should be up and running there in early 2015,” Sizwe Nxasana, chief executive officer of the Johannesburg-based bank, said by phone today. “In time we’ll set up operations in Kenya and Angola.”

Read more: FirstRand Targets $924 Million for Expansion in Africa – Bloomberg.