First National Bank (FNB), one of South Africa’s largest banks, announced on Wednesday (July 7th) that it will open 50 additional new community branches by 2023. This initiative is part of the framework of its plans to increase investment in local communities.
The bank said the community branches will have an area of between 70 and 90 square meters. They will mix self-service and face-to-face interactions. “Over the past three years, we have opened 14 new branches and redeveloped over 130 to meet customer needs through assisted and unassisted channels,” said Managing Director Jacques Celliers.
The objective, he emphasizes, is to guarantee local services to customers. As a result, the bank has maintained constant investments in its network covering nearly 600 branches and around 5,000 ATMs in local markets across the country.
According to Lee-Anne van Zyl, CEO of FNB Points of Presence, the FNB branch network plays an important role in providing essential services beyond banking and is part of efforts to help the Department of ‘Interior to distribute smart ID cards and passports in some agencies.
Despite a difficult year in 2020, the group recorded good financial performance, driven mainly by its digital platform. ETFs also posted a client portfolio up 3% to 8.5 million.