https://thebankinfo.com/

FIRSTRAND BANK LIMITED

Jan 20, 2020 351

HISTORY:

The history of the FirstRand Group goes back to the 1970s as an investment bank. The Group, as currently established, was established on April 1, 1998, by merging the interests of the financial services of Anglo American Corporation of South Africa Limited (now Anglo American plc) and RMB Holdings (RMBH) to achieve the Unification objective Financial services grouping. These financial interests were First National Bank Holdings ("FNB"), Momentum Life Assurers Limited ("Momentum" now part of MMI Holdings) and Southern Life Association Limited , all listed on the JSE .FNB & Southern Life withdrawn from the JSE market and formed Momentum subsidiaries which were the vehicle for the merger. Momentum has changed its name to "FirstRand Limited" and traded on Johannesburg Stock Exchange on May 25,in the year 1998, with Anglo American and RMB Holdings holding 20.43% and 25.03% of FirstRand's authorized capital, respectively.

Since then, Anglo American has released its full participation . Post-merger events saw the merger of Rand Merchant Bank and FNB to form FirstRand Bank Limited with the remaining two units to operate as divisions of FirstRand Bank Limited and the transfer of Momentum's insurance business to Southern Life to form FirstRand Insurance Limited.  FirstRand called as locally controlled bank by Reserve Bank of South Africa.And the also Group has subsidiaries in South Africa and the neighboring countries of Botswana, Mozambique, Namibia, Lesotho and Zambia. And also First Rand  has interests in Australia & India. The Group  expressed interest in expanding its operations to Angola, Ghana, Nigeria and Tanzania.  In May 2012, Kenyan press reports indicated that the group was making plans to expand to Kenya, Rwanda and Uganda.  In November 2012, the Central Bank of Nigeria issued the first commercial banking licenses in more than a decade to FirstRand Bank and another local firm.

CHAIRMAN:  Lauritz Laurie Dippenaar

CEO: Johan Burger