First National Bank (FNB) shareholders have reinforced their investment with a $5 million capital increase as the first tranche of a strategic investment plan to be implemented between 2018 and 2019.
The capital increase was recently approved at a board meeting.
“This capital increase is a clear sign of the confidence of FNB shareholders in Mozambique, in the Mozambican economy and in the management of the bank,” said Johan Maree, delegate director of FNB Mozambique.
The investment plan foreseen for 2018 and 2019 is incorporated in a strategy of restructuring the bank that aims to make it a benchmark of efficiency and differentiated value for its clients.
“The bank has an ambitious repositioning plan with a view to becoming an increasingly relevant partner for all stakeholders in this market. This capital increase is part of this plan, and additional reinforcements are envisaged for its materialisation,” deputy director of FNB Mozambique Paulo Pereira said.
FNB Mozambique is a subsidiary of First Rand Bank Limited, the largest financial group in Africa by market capitalisation and one of the largest institutions listed on the Johannesburg Stock Exchange in South Africa. It has a presence in 11 African countries, plus the UK, the United Arab Emirates, India and China.