First National Bank (FNB) is making it possible for customers and institutional investors to own fractional shares in some of the world’s leading technology companies.
FNB says investors can buy fractional shares for as little as R10 in companies such as Amazon, Facebook, Apple, Microsoft, Netflix, Tesla, Coca Cola and Google parent company Alphabet.
According to the bank, this follows the JSE-listing of the 10 FNB Exchange Traded Notes (ETNs), which are exchange-traded instruments that provide investors with access to a variety of wealth creation assets.
FNB’s ETNs were listed on the JSE on 1 October.
The shares can be accessed through FNB’s share trading platform via FNB online or the FNB app, it states.
Jacques Celliers, FNB CEO, says: “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. 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.”
FNB Wealth and Investments and Ashburton CEO Sizwe Nxedlana adds: “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 build 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.”
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