FNB chief executive Michael Jordaan said: "The acquisition allows FNB to offer its customers a holistic wealth product offering. At the same time, we will not override the current businesses in BJM and will maintain their operating processes. Thus, I do not foresee that the existing 11,000 customers of BJM will experience any noticeable changes. BJM is a strong brand and a rated institution in South Africa, therefore the brand will remain unchanged.”

FNB already has an online share trading offering to its lower, middle and upper income segments via FNB Share Investing. The acquisition will facilitate bond and equity trades for the bank's wealthier customers.

"FNB's 45 000 clients in its wealth segment are defined as clients with an income in excess of ZAR1.1 million . This is closely aligned with the client base of BJM and we expect that the additional expertise of the BJM team will easily adapt to the larger client base in FNB Wealth. At the same time our clients should immediately notice the added depth in talent and delivery arising from the transaction," Jordaan said. 

Andile Mazwai, BJM chief executive, said: “The rationale of the transaction is to replace BJM's existing public shareholder base with FNB as a single strategic partner that can extend the longevity of the BJM success story. This will be done by deepening our product range, reducing costs through economies of scale and extending our geographical presence."