Company type | Public |
---|---|
JSE: FSR | |
Industry | Banking and finance |
Founded | 1838First National Bank ) 1998 (Establishment of the group) | (Founded as the Eastern triocrees Province Bank, now known as the
Headquarters | Johannesburg, South Africa |
Key people | Roger Jardine Chairman Alan Pullinger Group CEO |
Products | Lending, transactional services, investments, insurance, asset management |
Aftertax:US$1.8 billion (ZAR:24.5 billion) (2017) | |
Total assets | US$93 billion (ZAR:1217.7 billion) (2017) [1] |
Number of employees | 44,916 (2017) |
Website | www |
FirstRand Limited, also referred to as FirstRand Group is the holding company of FirstRand Bank, and is a financial services provider in South Africa. It is one of the financial services providers licensed by the Reserve Bank of South Africa, the national banking regulator. [2]
Listed on the JSE and the Namibian Stock Exchange, [3] FirstRand Limited is one of the largest financial institutions in South Africa, and provides banking, insurance and investment products and services to retail, commercial, corporate and public sector customers. In addition to South Africa, the group operates in eight key African countries, namely, Botswana, Namibia, Swaziland, Lesotho, Zambia, [4] Mozambique, Tanzania, Ghana and Nigeria. [5] FirstRand Bank has branches in London, Guernsey and India. [6]
FirstRand executes its strategy through a portfolio of leading financial services franchises; Rand Merchant Bank (RMB), the corporate and investment bank; First National Bank (FNB), the retail and commercial bank; WesBank, an instalment finance provider; and Ashburton Investments, the group's asset management business.
The group has its headquarters in Johannesburg, South Africa. FirstRand is one of the five largest banking groups in South Africa and sub-Saharan Africa. [7]
The FirstRand group's history traces back to the 1970s as an investment bank. The group as currently was established on 1 April 1998, through a merger of the financial services interests of Anglo American Corporation of South Africa Limited (now Anglo American plc) and RMB Holdings (RMBH) in order to achieve the objective of a unified financial services grouping.
These financial services interests were First National Bank Holdings, Momentum Life Assurers Limited ("Momentum" now part of MMI Holdings) and the Southern Life Association Limited ("Southern Life") all of which were listed on the JSE. [8] FNB and Southern Life wereconstituted as wholly owned subsidiaries of Momentum which was the vehicle to affect the merger. Momentum changed its name to FirstRand Limited and was listed on the Johannesburg Stock Exchange on 25 May 1998 with Anglo American and RMB Holdings holding 20.43% and 25.03% of the authorized capital of FirstRand respectively. [9] Anglo American has since shed its entire shareholding. [10]
Post merger events saw the merging of Rand Merchant Bank and FNB to form FirstRand Bank Limited, with the two units remaining to trade as divisions of FirstRand Bank Limited and the transfer of Momentum's insurance business into that of Southern Life, to form FirstRand Insurance Limited. [9]
FirstRand is listed as a "locally controlled bank" by the South African Reserve Bank, the national banking regulator. [11] The group has subsidiaries in South Africa and in the countries of Botswana, Mozambique, Namibia, Lesotho, Tanzania, Ghana, Zambia, Nigeria and the UK. [12]
In November 2012, the Central Bank of Nigeria issued the first merchant banking licences in more than a decade to RMB Nigeria and another local firm. [13]
FirstRand Group holds its investments through five main subsidiaries. These subsidiaries and their subsidiaries are therefore are members of the FirstRand Group include, but are not limited to the following: [14]
FirstRand is listed on the Johannesburg Stock Exchange and Namibian Stock Exchange. Its major shareholders include: [19]
Rank | Name of Owner | Percentage Ownership |
---|---|---|
1 | RMB Holdings1 | 34.1 |
2 | Remgro 2 | 3.9 |
3 | FirstRand's BEE partners | 5.2 |
4 | Institutional and Private Investors on the JSE Limited | 56.8 |
Total | 100.00 |
1→ RMB Holdings large shareholders include Directors and management of RMBH with 10.4%, Remgro with 28.2% shareholding in RMBH and Royal Bafokeng Holdings with a 15% stake in RMBH.
2→ Based on its direct and indirect shareholding in FirstRand, Remgro's effective control of the group is 13.36%
Standard Bank Group Limited is a major South African bank and financial services group. It is Africa's biggest lender by assets. The company's corporate headquarters, Standard Bank Centre, is situated in Simmonds Street, Johannesburg.
Nedbank Group is a financial services group in South Africa offering wholesale and retail banking services as well as insurance, asset management, and wealth management. Nedbank Limited is a wholly owned subsidiary of Nedbank Group.
First National Bank is one of South Africa's "big four" banks. It is a division of FirstRand, a large financial services conglomerate, which trades on the Johannesburg Securities Exchange (JSE), under the symbol: FSR. FNB is also listed on the Botswana Stock Exchange under the symbol FNBB and is a constituent of the BSE Domestic Company Index.
First Bank of Nigeria is a multinational bank and financial services company in Lagos, Nigeria. First Bank is owned by FBN Holdings PLC, which in itself has diversified ownership with over 1.3 million shareholders.
Sanlam is a South African financial services group headquartered in Bellville, Western Cape, South Africa. Sanlam is the largest insurance company in Africa. It is listed on the Johannesburg Stock Exchange, the Namibian Stock Exchange and the A2X. Established in 1918 as a life insurance company, Sanlam Group has developed into a diversified financial services business. Its five business clusters comprise Sanlam Personal Finance, Sanlam Emerging Markets, Sanlam Investments, Sanlam Corporate and Santam.
Bank Gaborone Limited is a commercial bank in Botswana. It is a subsidiary of the Capricorn Group.
Cavmont Bank Limited is a commercial bank in Zambia. It is licensed by the Bank of Zambia, the central bank and national banking regulator.
Prime Bank Kenya (PBKL) is a commercial bank in Kenya, licensed and supervised by the Central Bank of Kenya (CBK), the national banking regulator.
Stanbic IBTC Holdings, commonly referred to as Stanbic IBTC, is a financial service holding company in Nigeria with subsidiaries in Banking, Stock Brokerage, Investment Advisory, Asset Management, Investor Services, Pension Management, TrusteesInsurance Brokerage and life Insurance businesses. The company's newly opened corporate headquarters, Stanbic IBTC Towers, is situated at Walter Carrington Crescent, Victoria Island, Lagos. Stanbic IBTC Holdings is a member of the Standard Bank Group, a financial services giant based in South Africa. Standard Bank is Africa's largest banking group ranked by assets and earnings, operations in 20 African countries and 13 countries outside Africa.
Atlas Mara Limited, formerly referred to as Atlas Mara Co-Nvest Limited, is a financial services holding company formed to undertake the acquisition of target banks in Africa.
First National Bank Namibia is Namibia's largest commercial bank and, according to The Banker magazine, Namibia's best performing bank for the fifth consecutive year.
Rand Merchant InvestmentHoldings, also referred to as RMI Holdings, is a listed financial services investment holding company that holds various insurance brands in South Africa, Australia, China, Mauritius, New Zealand, Republic of Ireland, Singapore, the United Kingdom and the United States of America.
Letshego Holdings Limited is a microfinance holding company with its headquarters in Gaborone, Botswana and is listed on the Botswana Stock Exchange (BSE). Letshego is a Setswana word meaning “Support”.
Momentum Metropolitan Holdings Limited, formerly MMI Holdings Limited, is a South African based financial services group that is listed on the Johannesburg Stock Exchange.
Discovery Limited is a South Africa-based financial services group that is listed on the Johannesburg Stock Exchange (JSE) with its headquarters in Sandton.
RMH, previously known as Rand Merchant Bank Holdings, is a South African diversified financial services holding company.
Remgro Limited is an investment holding company based in Stellenbosch, South Africa. It has interests in banking, financial services, packaging, glass products, medical services, mining, petroleum, beverage, food and personal care products. In 2015, Forbes listed Remgro as the 9th biggest publicly traded company in South Africa and 1436th in the world.
OUTsurance Holdings Limited, commonly referred to as OUTsurance, is a subsidiary of OUTsurance Group Limited, a South African based financial services investment holding company. OUTsurance Holdings Limited was formed in 1998 and is an unlisted public company with headquarters in Centurion, South Africa. It is a financial services holding company based in South Africa, with subsidiaries in Australia and New Zealand.
Botswana Insurance Holdings Limited is an investment, retirement, and insurance group that maintains its headquarters in Botswana and operates through three subsidiaries and holds a stake in a number of associate companies. BIHL Group was established in 1975 and has been listed on the Botswana Stock Exchange since 1991.
NICO Holdings plc is a diversified financial services group and is listed on the Malawi Stock Exchange.