The recently established First National Bank (FNB) Zambia is to make letters of credit (L/Cs) more available as it expands its branch network across the country.

The bank's latest drive has been into rural areas, according to its chief executive officer.

Agricultural focus

Sarel van Zyl says he recognises that the agricultural sector in Zambia is the country's biggest employer and is positioning the bank to serve this market.

Speaking at the 86th Zambia Agricultural and Commercial Show in Lusaka, Zyl said the opening of the Mkushi branch earlier this month will enable FNB to provide banking services to large farms in Serenje, Mkushi and Kabwe.

Expansion

A subsidiary of the First Rand Group, FNB started operations in Zambia in April 2009.

It has since established nine branches and aims to have 14 branches by 2014.

Services

The bank's agribusiness unit provides specialist facilities, including sector-oriented working capital arrangements, seasonal input finance, bridge loans and medium-term loans.

The bank's trade financing options include L/Cs, bank guarantees, export and import finance and documentary collections.

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