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    Caesars Entertainment (CZR): Assessing Valuation After Times Square Casino Setback and Mounting Investor Concerns – simplywall.st

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    Caesars Entertainment (CZR): Assessing Valuation After Times Square Casino Setback and Mounting Investor Concerns – simplywall.st

    Caesars Entertainment Faces Times Square Casino Hurdles as Investor Concerns Mount

    Why Hilaria Baldwin Has Found the ‘DWTS’ Process ‘Embarrassing’ At Times – WFXG

    Hilaria Baldwin Opens Up About the Embarrassing Moments on Her ‘DWTS’ Journey

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    Fox News Entertainment Newsletter: Kate Middleton stuns during Trump state visit, Brett James dead at 57 – Fox News

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    Lara Beitz to headline Oshkosh show with top comedians at Time Community Theater Sept. 27 – Yahoo

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    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

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    PAP Boss to Niger Delta Youths, Stay Away from the Protest

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    Court Restricts Protests In Lagos To Freedom, Peace Park

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    Meta to expand Montgomery data hub, pushing total investment to $1.5 billion – Alabama Department of Commerce

    Meta to Supercharge Montgomery Data Hub with $1.5 Billion Investment

    Agentic AI and the future of work: navigating technological promise and the risk of increased automation – Equal Times

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FirstRand’s ambitious expansion plans: Africa’s largest bank eyes strategic acquisitions beyond borders

January 14, 2024
in Business
FirstRand’s ambitious expansion plans: Africa’s largest bank eyes strategic acquisitions beyond borders
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By Janice Kew and Amogelang Mbatha

FirstRand Ltd. is looking to purchase other African banks in countries where it operates as the continent’s biggest lender by market value seeks to expand. 

Potential targets for acquisitions may also include financial services outside of traditional banking, Mary Vilakazi, FirstRand’s incoming chief executive officer, said in an interview Thursday at the bank’s headquarters in Johannesburg. She is due to take over from Alan Pullinger on April 1. 

“Maybe there are other ways in which we can participate in financial services, without necessarily setting up branches and having a banking license,” Vilakazi said. The challenge is in finding possible targets at a reasonable price, she added. 

Both Standard Bank Group Ltd. and Nedbank Group Ltd., which compete with FirstRand in their home market of South Africa, are moving to capitalize on the rapid economic growth that’s transforming many other countries on the continent. While FirstRand already has units in west and southern Africa, it is also looking at establishing itself in the east, including in Kenya.

Shares of FirstRand rose 18% last year, lagging behind Standard Bank’s 24% rally.

Though South Africa’s $405 billion economy has recently been facing headwinds such as record power outages and logistical constraints, Vilakazi said the country’s prospects are brighter in the next 10 years than in the past decade.  

National elections this year are expected to be the most competitive since South Africa became a democracy almost 30 years ago. Surveys suggest the ruling African National Congress could lose its absolute majority for the first time since coming to power in 1994.

“For a democracy we need to get to a place whereby a party knows that if they don’t deliver, they can lose an election,” Vilakazi said. The election “might be muddy, it might be noisy, but I think that’s how we start strengthening our democratic muscle.”

Read also:

UNDICTATED: Meet FirstRand’s new CEO, the quiet iconoclast Mary Vilakazi
Mary Vilakazi takes over at FirstRand as Pullinger steps down and Celliers leaves FNB 
FirstRand’s prudent lending strategy shields against bad loan surge post-Covid

© 2024 Bloomberg L.P.

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Cyril Ramaphosa: The Audio Biography

Listen to the story of Cyril Ramaphosa’s rise to presidential power, narrated by our very own Alec Hogg.

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