FNB, the retail banking unit of FirstRand, is planning to make a big push into entry banking and middle market financial services in what appears to be a clear strategy to stave off relentless growth by Capitec.

Raj Makanjee, CEO of retail and private banking at FNB and RMB Private Bank, said the lender is targeting customers who earn between R36,000 and R450,000 a year, a broad segment regarded as the sweet spot of SA’s retail banking market...

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