NAIROBI, Kenya, Sep 11 – South African banking group FirstRand, the parent company of First National Bank (FNB), says it remains interested in acquiring a Kenyan lender but will only pursue a deal at the right price.
FirstRand CEO Mary Vilakazi told South African news website BusinessDay that the group has been looking for opportunities in Kenya for some time but has yet to identify a deal that meets its requirements.
“We have been looking for opportunities in Kenya, even in my previous role [COO]. However, there must be a willing seller at the right price for us to do any deal. What we will not do is overpay for any asset,” Vilakazi told BusinessDay.
She did not give a timeline for when FirstRand could make an acquisition in Kenya.
FirstRand operates across several African markets, including Botswana, Eswatini, Lesotho, Namibia, Zambia, Mozambique, Tanzania, Ghana and Nigeria. Its portfolio includes FNB, Rand Merchant Bank (RMB), Ashburton Investments and WesBank.
The group has total assets of 2.7 trillion rand, making it South Africa’s second-largest banking group by assets after Standard Bank Group, which has 3.6 trillion rand.
FirstRand’s interest comes as African banks step up acquisitions of lenders in other markets, with South Africa’s Nedbank Group recently acquiring a 66 percent stake in NCBA Group.
In April, Nigeria’s Zenith Bank also acquired Kenyan lender Paramount Bank, joining other Nigerian banks that have expanded into East Africa through acquisitions.
The growing appetite for Kenyan lenders comes as local banks continue to post strong profits.
Equity Group reported a 32 percent rise in net profit to Sh45.5 billion in the six months to June 2026, while NCBA’s net profit increased 12.2 percent to Sh12.4 billion over the same period.
