South Africa’s oldest bank, The First National Bank (FNB), was established in 1838 and ranks among the nation’s top five banks, alongside Absa, Nedbank, Capitec Bank, and Standard Bank. FNB operates as a subsidiary of First Rand Limited, trading under the symbol FSR on the Johannesburg Stock Exchange. Serving customers across South Africa, Namibia, and Botswana, FNB also oversees banking entities it wholly or partially owns. Its subsidiaries extend to Mozambique, Swaziland, Tanzania, Zambia, Ghana, India, Lesotho, Guernsey, South Africa, Namibia, and Botswana.

A brief history of First National Bank

1838 – 1912

Founded in Grahamstown in 1838, The First National Bank holds the title of South Africa’s oldest bank. Its inception coincided with a surge in wool exports, making it a key financier in the Grahamstown wool district. The bank’s inaugural year proved fruitful, marked by profitable ventures. By 1874, it had expanded to four locations nationwide, operating in Grahamstown, Middleburg, Craddock, and Queenstown.

However, the bank’s trajectory shifted in 1874 when it was acquired by the Oriental Bank Corporation, a move attributed to the country’s economic downturn. The Oriental Bank Corporation’s financial troubles in India led to its departure from South Africa, prompting the establishment of Bank of Africa in 1879 to assume its operations. Responding to the gold discovery in the country, the government founded the National Bank of the South African Republic Limited.

In 1912, this bank acquired The First National Bank, propelling NBSAR Limited to become one of South Africa’s major financial institutions.

1913 – 1987

During the 1920s, National Bank grappled with mounting debts and losses, leading to its merger with the Anglo-Egyptian Bank and the Colonial Bank in 1925, forming Barclays Bank. Subsequently, Barclays Bank underwent restructuring, renaming its South African operations as Barclays National Bank Limited in 1971. However, amidst disinvestment campaigns targeting South Africa’s apartheid policies, Barclays was compelled to decrease its stake in 1986. This shift prompted the bank’s rebranding as First National Bank of South Africa in 1987, solidifying its status as a wholly-owned South African entity.

1988 – Present

Rand Merchant Bank acquired a majority stake in First National Bank by purchasing its stock. This move paved the way for the establishment of First Rand Limited in 1998 through a merger between RMB Holdings and Anglo-American Corporation. Presently, First Rand Limited wholly owns and manages FNB as its subsidiary. Notably, First National Bank stands as the primary profit generator within the First Rand Limited portfolio, holding investments across Southern African nations and boasting a net profit exceeding R8 billion.

First National Bank products and services

Personal bank accounts

FNB offers five different types of check accounts, all of which can be combined with a credit account. The accounts cater to a range of income earners, from low-income to high-net-worth individuals. FNB also offers a non-resident account. The needed income ranges from R120,000 to R1.8 million. The Easy account, on the other hand, does not require a minimum income and is considered the entry-level account. The FNB Gold account is a FNB first-tier cheque account. You can receive a gold credit card with a gold cheque account, or you can combine your cheque and credit accounts with the FNB Fusion Gold Account.

To be eligible for the gold account, you must earn at least R120,000 each year. The Premier account is for professionals only. To be eligible for the FNB premier account, you must have a minimum annual income of R300,000.00. You can apply for a premier credit card or an all-in-one card called the FNB Fusion Premier Account if you have a Premier account. You are eligible for the FNB private clients cheque account if you make R750,000 per year. The account is for private banking, and it grants you access to a private bank as well as over 1000 airport lounges across the world.

FNB offers the Private Wealth cheque account to the ultra-rich. One of South Africa’s most renowned black cards. You get a private banker and access to the wealth and investment management platform with the private wealth cheque account. To be eligible for a Private Wealth cheque account, you must earn at least R1.5 million per year or have assets worth at least R15 million.

Personal financial planning

FNB can help you prepare for crises by providing you with a savings or investment plan that allows you to access your money whenever you need it. A basic savings account, a 7-day notice account, money on call, and a money maximiser are among the alternatives available. Money maximiser has the highest minimum balance requirement of R100,000.00, while a savings account requires no minimum balance. You can put money aside for your child’s education by creating an interest-bearing fixed deposit account.

The 7-day notice plan and the 32-day Flexi notice plan are two further options for saving for a child’s education. FNB makes it possible to plan for retirement by investing in annuities. FNB can assist with retirement savings, whether you wish to start with a large sum or save on a regular basis. The annuity plan assists you in sustaining your standard of living during retirement. For retirement or in the event of job loss, FNB also offers an umbrella pension and a provident fund.

FNB Estate planning services assist you in ensuring that your estate is distributed to the appropriate beneficiaries. Will preparation, trust creation, and executor services are all available to meet your estate planning needs.

Personal borrowing

Securities-based financing from FNB allows you to borrow money using your securities as collateral. You can obtain an amount that is proportional to your investment portfolio, depending on your investment portfolio. However, interest rates will be determined by your credit history. FNB offers a personal credit card as well as a gas card. Varied credit cards have different requirements, and each credit card has its own set of requirements. A credit card requires a minimum yearly income of R84,000 and a maximum annual income of R1,500,000.00.

FNB provides automobile financing to customers who are purchasing a new or used vehicle. Those looking to buy a home or switch to FNB can take advantage of home finance. The bank also offers Shari’ah-compliant property financing. There are also personal loans accessible. A personal loan of up to R300,000 is available, with a 60-month repayment period. Individuals can also take advantage of an overdraft and a revolving borrowing arrangement.

Personal Insurance

FNB offers life, funeral, accidental death, car, home, travel, and debt protection insurance. Insurance coverage is contingent on a thorough examination of one’s health and personal assets.

Business accounts

FNB offers corporate accounts, as well as accounts for specialized industries like law and accounting, as well as Islamic business accounts. A solo proprietor’s first business zero account is a digital solution account. The account is simple to set up and there is no monthly fee. FNB’s account is still a new offering, but many owner-managed businesses love utilizing it. The Gold business account is for small businesses with annual revenues of less than R5 million. Instant accounting, roadside help, and industry-specific banking services are all included in the account.

The Platinum business account is for firms with an annual revenue of R5 million to R60 million that are expanding. The card grants you access to both domestic and international slow lounges. The Enterprise Business Account is for well-established companies with yearly sales of R60 million or higher. You have access to slow lounges all around the world. You can get industry-specific banking services that are tailored to your needs.

Business borrowing

FNB offers asset financing to businesses. Medical equipment, office equipment, motor vehicles, manufacturing equipment, commercial vehicles, and agricultural equipment are all examples of assets that can be financed. Purchasing a brand new item, purchasing a used asset, or leasing an asset are all options. Commercial property finance aids companies in locating the best property financing options. Property loans are available to enterprises looking to expand into Africa, as well as property developers, owner-occupiers, and investors.

Depending on the company’s loan requirements, all of these property loan types can be partially or fully funded. FNB selects invoices for pre-approved customers that are subsequently sold by a company to release funds through selective invoice discounting. By remaining liquid, firms are able to meet their immediate cash flow needs. Interest is charged on the Selective Invoice Discounting service. Businesses can use FNB’s leverage and acquisition loans to seek strategic expansion prospects.

This is accomplished by providing customised term debt that is tailored to your company’s specific needs. Finance over expansion, leveraged recapitalization, acquisitions, and generational transactions are all examples of leverage and acquisition finance. Vumela financing intends to provide equity funding to high-growth SMEs with limited access to capital. For SMEs, financing options include BEE Capital, Growth Finance, and Expert Growth Support. For enterprises, there are business loans and overdraft facilities available.

Booster loans, ecoEnergy loans, revolving loans, and business loans are examples of business loans. These loans have a 5-year repayment period and are available to qualified firms at any time.

Business savings and Investments

For businesses, an Easy Management account provides an easy-to-use investment platform. This financial platform allows you to manage various investments from the comfort of your own home. The platform assists with SARS tax reporting and has built-in segregation of duties for increased internal security and efficiency. The third-party investment manager assists firms with both short- and long-term savings and investments.

On the Money call and 32 day Flexi Notice plans, the minimum deposit amount is R5000. The maximum amount that can be deposited on the cash intelligence plan is R1 million.

Business Insurance

Businesses can take insurance for their employees or association members to contribute to a funeral. The cover is for the unexpected death of an employee or an association member. Cover starts from R20000 to R60000 with double pay if the main member passes away because of an accident. Key employees can be insured with key player insurance. Insurance pays up to R200,000.00 should a key player in a business die.

This insurance covers for the unforeseen tragedy of key employees and pays a lump sum benefit to a business. Protection plan covers the business in the event of death or disability of a director or member. The insurance covers outstanding FNB business debt. There are no medicals or underwriting requirements and the cover is immediate.

Benefits and Rewards for businesses and individuals

By simply transacting through a FNB business account, businesses may earn eBucks. FNB also provides a number of free services to businesses that are not available from other banks. Small businesses may use instant accounting solutions for anything from capturing journal entries to invoicing, payroll, and cash flow monitoring. FNB can help you start a business and seek for BBBEE certification.

When people use their cards at partner stores, they are rewarded with eBucks points. If you have a premium, private clients, or private wealth account, you can also use the slow lounges.

First National Bank Executives

Conclusion

First National Bank began as a wool financing enterprise and has since grown to become one of Southern Africa’s biggest banks. The bank presently provides services in a variety of banking areas. Since becoming a subsidiary of First Rand in 1998, the company has developed to become one of the leading competitors in the SADC area. Namibia, Botswana, Mozambique, Tanzania, Lesotho, and Swaziland are all on the way.

First National Bank has taken use of technology by allowing FNB customers to transact with non-FNB customers using only their cellphone numbers. You may now pay for your license disc, check your credit score, cancel debit orders, and much more using the FNB app.