first national bank fnb type division industry banking founded 1838 area served south africa botswana key people jacques celliers ceo 1 products financial services revenue zar 15 034 million 2014 net income zar 7 513 2014 parent first rand limited website www.fnb.co.za first national bank fnb ; afrikaans eerste nasionale bank enb is one of south africa s big four banks . it is a division of first rand limited a large financial services conglomerate which trades on the johannesburg securities exchange jse under the symbol fsr . contents 1 overview 2 history 3 first rand group 4 see also 5 references 6 external links overview edit fnb is one of the three major divisions of the first rand group and the others being rand merchant bank and wesbank . first national bank maintains banking subsidiaries which it owns wholly or in part in botswana mozambique namibia south africa swaziland tanzania zambia ghana india lesotho and guernsey . fnb is also actively pursuing expansion plans in angola and nigeria 2 media reports in may 2012 indicated that the bank is also making plans to expand into kenya rwanda and uganda . 3 history edit according to its website fnb is the oldest bank in south africa . it traces its origins back to the eastern province bank which was formed in grahamstown in 1838 . at that time the bank financed the wool export boom in the district . by 1874 the bank had four branches at 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 that the oriental bank corporation was experiencing in india it decided to withdraw from south africa and thus the bank of africa was formed in 1879 to take over the obc s business in south africa . at about the same time the government of the south african republic desired to create a local commercial bank due to the discovery of gold in barberton and the witwatersrand . the government thus created a bank through a concession agreement . the task of the bank was to focus primarily on financing agricultural development . a state mint was also established as part of the concession . the nationale bank der zuid afrikaansche republiek beperk national bank of the south african republic limited was registered in pretoria in 1891 and opened its doors for business on 5 april of the same year . after the conclusion of the second anglo boer war in 1902 the name of this bank was changed to the national bank of south africa limited . due to another recession the bank of africa was bought out by the national bank in 1912 which had already bought out another bank the national bank of the orange river colony in 1910 . the natal bank which was founded in 1854 to fund the natal colony s sugar industry also suffered financial difficulties and was taken over in 1914 . by this time the national bank was now one of the strongest and largest banks in south africa . however by the early 1920s the national bank was suffering from bad debt and heavy losses . it consequently merged with the anglo egyptian bank and the colonial bank in 1925 to form barclays bank dominion colonial and overseas . 4 in 1971 barclays restructured its operation and its south africa 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 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 . 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 first rand limited which is listed on the jse securities exchange . in consequence fnb became a wholly owned subsidiary of first rand limited ; it currently trades as a division of firstrand bank limited . 5 first rand group edit the first rand group was established in 1998 by the merger of first national bank of south africa rand merchant bank and momentum insurance & asset management . first rand is listed as a locally controlled bank by the south african reserve bank the national banking regulator . 6 as of may 2012 update the group had total assets valued at us 90.3 billion zar 698 billion 2011 7 with subsidiaries in seven sub saharan countries and in australia and india . expansion plans in another six african countries are underway . see also edit first rand limited wesbank list of banks in south africa economy of south africa references edit bloomberg businessweek first rand executive profile jacques celliers first rand looking to acquire nigerian bank first rand expanding into east africa anthony michael 2001 . historical dictionary of trinidad and tobago . scarecrow press inc. lanham md. and london . isbn 0 8108 3173 2 . history of first national bank of south africa list of locally controlled banks in south africa 30 june 2011 group financial statement external links edit wikimedia commons has media related to first national bank south africa . official fnb website website of first rand limited v t e banks of south africa central bank south african reserve bank the big four commercial banks absa first national bank fnb nedbank standard bank other african bank bidvest bank capitec bank firstrand bank grindrod bank imperial bank south africa investec vbs mutual bank sasfin bank teba bank limited postbank development bank of southern africa land and agricultural development bank of south africa defunct 20twenty african banking corporation allied bank colesberg bank nbs permanent bank saambou trustbank united bank retrieved from https en.wikipedia.org w index.php title first national bank south africa & oldid 733958313 categories banks of south africacompanies based in johannesburgbanks established in 1838economy of south africa1838 establishments in the cape colonyhidden categories articles containing afrikaans language textarticles containing potentially dated statements from may 2012all articles containing potentially dated statementscommons category with page title same as on wikidata navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version in other projects wikimedia commons languages afrikaansfran ais edit links this page was last modified on 11 august 2016 at 06 02 . text is available under the creative commons attribution sharealike license ; 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