FMO, the Dutch development bank, has provided a USD 15million Subordinated Debt facility for First National Bank Zambia (FNBZ). The investment will contribute to enhancing the growth of the SME portfolio and agribusiness clients of FNB in Zambia.
The tenor of the facility will be 10 years. The tier 2 facility will strengthen FNBZ’s balance sheet, enabling further growth of its SME portfolio and agri finance business. Both sectors fit well with FMO’s strategy and will support job creation in Zambia.
Linda Broekhuizen, Chief Investment Officer of FMO said: “FMO is happy to actively support the financial sector in Zambia, thereby enabling much needed finance for SMEs and the agricultural sector, actively stimulating and supporting much needed job creation.”
Speaking on the occasion, Leonard Haynes, Chief Executive Officer of FNBZ said: “Our commitment to the development of the SME and agricultural sectors in Zambia sets us apart as the bank of choice for our clients. With this support from FMO we will continue to provide the necessary credit to Zambian businesses; helping them grow and in turn creating more sustainable jobs in the local economy.”
FMO has been active in Zambia for many years and has been building on its reputation, network and relation with the financial sector.
About First National Bank Zambia
First National Bank (FNB) Zambia Ltd is a wholly owned subsidiary of the FirstRand Group of South Africa.
Since commencement of operations in April 2009, FNB Zambia has continued to establish itself as a strong brand in the Zambian market. Of the 19 licensed commercial banks operating in Zambia, FNB posted the most sustained growth in balance sheet size during the period 2011 to 2015. In the four-year period, the bank posted a remarkable increase in market share of total assets, loans and deposits moving from eleventh to being the fifth largest bank in Zambia. The bank is now one of the leaders in agri-business financing with over 35% of its total loans and advances to the sector; and is a market leader in Vehicle and Asset Financing.
Investment in points-of-presence has seen FNB Zambia open and operate 21 branches and 10 in-store banking centres that have given it a footprint in eight of the country’s ten provinces. The bank has also installed over 1,000 POS terminals and 133 ATMs across the country to provide convenient seamless service to its customers.
FNB Zambia has created over 700 direct jobs and a lot more in the various sectors that the bank supports.
In helping to create a better world, the bank is contributing to the development of Zambia’s economy through its commitment to the growth and success of its customers.
For more information, visit www.fnbzambia.co.zm
Press contact:
Ms. Clotilda Mulenga - Head, Strategic Marketing & Communications
Tel : +260 211 366 800
Mobile : +260 962 756 852
Email : CMulenga1@fnbzambia.co.zm
