FirstRand Group History
FNB can trace its origins back to the Eastern Province Bank, which was formed in Grahamstown, South Africa in 1838. By 1874, the bank had four 4 branches - Grahamstown, Middelburg, Cradock and Queenstown.
Due to a recession, the bank was bought out in 1874 by the Oriental Bank Corporation (OBC). However, as a result of financial difficulties being experienced in India, the OBC decided to withdraw from South Africa. The Bank of Africa was subsequently formed in 1879 to take over OBC's business in South Africa.
In 1925 the National Bank merged with the Anglo-Egyptian Bank and the Colonial Bank to form Barclays Bank (Dominion, Colonial and Overseas). In 1971 Barclays restructured its operation and its South African operation was renamed Barclays National Bank Limited.
Due to a disinvestment campaign against South Africa because of its apartheid policies, Barclays was forced to reduce its shareholding and sold its remaining shareholding in the bank in 1986. The bank was renamed "First National Bank of Southern Africa Limited" in 1987 and became a wholly South African owned and controlled entity.
Banking as a whole was changing fast and specialised financial services divisions sprung up within the bank. A massive investment was made into computers and new technology.
In 1998 the financial services interests (which included their shareholding in First National Bank) of Rand Merchant Bank Holdings and Anglo-American Corporation were merged to form FirstRand Limited, which is listed on the JSE Securities Exchange. Consequently, FNB became a wholly owned subsidiary of FirstRand Limited and currently trades as a division of the group. FNB also has subsidiaries in Swaziland, Botswana and Namibia which are all listed on their country's respective stock exchanges.
Today, with branches throughout South Africa as well as in Swaziland, Botswana, Namibia and Zambia, FNB continues to offer a wide range of banking products, including Online Banking, Forex, home loans and day-to-day banking and other financial products.
FNB Zambia offers a comprehensive range of products and services to the Zambian market under the leadership of a competent management team.
The FNB Zambia Board of Directors was elected by the stockholders to represent their interest. The board is responsible for hiring the CEO, setting compensation policies, determining dividends, and evaluating performance.