First National Bank (FNB) has announced that individual consumers and institutional investors in South Africa will now have an opportunity to buy into major US tech stocks from as little as R10.
Some of the world’s best performing companies, such as Amazon, Facebook, Apple, Microsoft, Netflix, Tesla, Coca Cola and Google owner Alphabet, will form part of the listing on the JSE of 10 FNB Exchange Traded Notes (ETNs). These are exchange-traded instruments that provide investors access to a wide variety of wealth creation assets. The listing provides individual and institutional investors an opportunity to diversify portfolios to manage risk. Investors will be able to gain access to the shares through FNB’s share trading platform, via FNB Online or the FNB App.
“We
are excited to scale our invest activities by providing our customers
and investors at large an opportunity to broaden exposure to wealth
creation assets,” says
FNB CEO Jacques Celliers, “Through
FNB’s platform, customers have the opportunity to access both local and
global shares which will allow them to diversify their portfolios during
a very challenging time.”
Sizwe Nxedlana, CEO of FNB Wealth and Investments and Ashburton, says: “Global fractional shares provide for an innovative product, designed specifically with
financial inclusion in mind. Our aim is to drastically minimise barriers to entry for individual customers and institutional investors.
“Over
the years, we have invested heavily to building platform capabilities
in our investment business and this is starting to manifest in solutions
which are customer-centric,
and valuable for customers across all income categories. In a time of
global uncertainty, investors cannot overlook opportunities to diversify
but more importantly this particular offering means that every single
individual or institution in South Africa has
an equal opportunity to own shares beyond our borders.”
The 10 Exchange Traded Notes (ETNs) from FNB were listed on the JSE on 1 October 2020.
