A unit of FirstRand, South Africa’s biggest bank by market capitalisation, plans to set up private banking services in Ghana and bolster its offerings in four other markets to tap the continent’s growing wealthy population.
The subsidiary, First National Bank (FNB), plans to start a private bank targeting Ghana’s affluent salaried and self-employed population. It’s also seeking to broaden its private bank offerings in Botswana, Namibia, Eswatini and Zambia to meet the changing needs of its rich client base.
Africa is a burgeoning market for wealth creation partly due to strong economic growth as well as continent-wide efforts to develop key industries and boost industrialisation.
Luxury retailers and top hotel chains from LVMH’s Louis Vuitton to Marriott International are betting on rising consumer spending power and growth in the continent’s middle class and millionaire populations.
“There is an untapped opportunity to target high net worth individuals,” Eric Enslin, the chief executive of FNB’s private banking and
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