FirstRand Africa chief executive Jabu Khethe was quoted by Reuters as saying that the sector was competitive, with 43 lenders, making it difficult for a new entrant to adopt a greenfield model.
"A law requiring banks to raise their minimum capital to 1 billion shillings from 250 million shillings by the end of this year, would also throw up consolidation and acquisition opportunities," Khethe told the news agency.
The bank has opened its first representative office in Nairobi, which will take care of infrastructure deals, project financing and will prepare a ground for the acquisition, helping the bank to come out with its full retail banking services.
Recently, the bank kicked off its operations in India, becoming the first African bank to start retail banking in the Asian country.
According to the bank, its business outside South Africa, such as Mozambique and Zambia, contribute less than 10% to the group’s income.
