Due to some fund crunch and serious problems Firstnational Bank was bought out in 1874. At that time Oriental Bank Corporation was experiencing some financial difficulties in India. That is why they decided to withdraw their service. The Bank of Africa was formed in 1879 to take over the Oriental bank’s business in South Africa.
By the earlier part of 1920s, the National Bank at South Africa started suffering from bad debt and heavy fund crunch. Then it got merged with the Anglo-Egyptian Bank and the Colonial Bank in the year 1925 to create Barclays Bank. Barclays restructuring of operation in South Africa in 1971 saw the emergence of Barclays National Bank Limited.
Barclays was once forced to reduce its shareholding and the organization was forced to sell out the remaining shares. As a result of a disinvestment campaign against South Africa in 1986, the Barclays National Bank Limited was renamed First National Bank of Southern Africa Limited. It became a completely South African owned organization.
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