First Rand Limited
Encyclopedia
First Rand Limited also referred to as First Rand Group or as FirstRand Bank, is a financial services provider in South Africa
. The group has its headquarters in Johannesburg
, South Africa
, with subsidiaries in five neighboring Southern Africa
n countries, as well as in India
. In 2010 FirstRand was rated one of the five largest banking groups in South Africa and sub-Saharan Africa
.
to the group's Board of Directors
. The Group was formed by the merger of First National Bank (South Africa), Rand Merchant Bank and Momentum Insurance & Asset Management. It is listed as a "locally controlled bank" by the South African Reserve Bank
, the national banking regulator. The Group has subsidiaries in South Africa and in the neighboring countries of Botswana
, Mozambique
, Namibia
, Lesotho
and Zambia
. First Rand also has interests in Australia
and India
. The Group has expressed interest in expanding its operations into Angola
, Nigeria
and Tanzania
.
of First Rand Limited are listed on the Johannesburg Stock Exchange. The major shareholders in the Group are depicted in the table below:
{| style="font-size:95%;"
|-
| style="width:100%; text-align:center;"| First Rand Limited Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
|-
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||Directors & Managers of Rand Merchant Bank1||13.5
|-
|2||Remgro2||25.0
|-
|3||Black Enterprise Empowerment Trusts||09.5
|-
|4||Institutional and Private Investors on the JSE Limited||52.00
|-
| ||Total||100.00
|}
1= Rand Merchant Bank Holdings comprises Directors & Management of Rand Merchant Bank with 13.5% shareholding in FirstRand Limited and Remgro with 16.5% shareholding in FirstRand Limited.
2= Remgro owns a separate 8.5% shareholding stake in FirstRand Limited, bringing its total shareholding to 25%.
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
. The group has its headquarters in Johannesburg
Johannesburg
Johannesburg also known as Jozi, Jo'burg or Egoli, is the largest city in South Africa, by population. Johannesburg is the provincial capital of Gauteng, the wealthiest province in South Africa, having the largest economy of any metropolitan region in Sub-Saharan Africa...
, South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
, with subsidiaries in five neighboring Southern Africa
Southern Africa
Southern Africa is the southernmost region of the African continent, variably defined by geography or geopolitics. Within the region are numerous territories, including the Republic of South Africa ; nowadays, the simpler term South Africa is generally reserved for the country in English.-UN...
n countries, as well as in India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
. In 2010 FirstRand was rated one of the five largest banking groups in South Africa and sub-Saharan Africa
Sub-Saharan Africa
Sub-Saharan Africa as a geographical term refers to the area of the African continent which lies south of the Sahara. A political definition of Sub-Saharan Africa, instead, covers all African countries which are fully or partially located south of the Sahara...
.
History
The First Rand Group was established in 1998, from a business that started in the 1970s as an investment bank. Today, one of the three founders serves as the non-executive Chairman of the BoardChairman of the Board
The Chairman of the Board is a seat of office in an organization, especially of corporations.Chairman of the Board may also refer to:*Chairman of the Board , a 1998 film*Chairmen of the Board , a 1970s American soul music group...
to the group's Board of Directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
. The Group was formed by the merger of First National Bank (South Africa), Rand Merchant Bank and Momentum Insurance & Asset Management. It is listed as a "locally controlled bank" by the South African Reserve Bank
South African Reserve Bank
The South African Reserve Bank is the central bank of South Africa. It was established in 1921 after Parliament passed an act, the "Currency and Bank Act of 10 August 1920," as a direct result of the abnormal monetary and financial conditions which World War I had brought...
, the national banking regulator. The Group has subsidiaries in South Africa and in the neighboring countries of Botswana
Botswana
Botswana, officially the Republic of Botswana , is a landlocked country located in Southern Africa. The citizens are referred to as "Batswana" . Formerly the British protectorate of Bechuanaland, Botswana adopted its new name after becoming independent within the Commonwealth on 30 September 1966...
, Mozambique
Mozambique
Mozambique, officially the Republic of Mozambique , is a country in southeastern Africa bordered by the Indian Ocean to the east, Tanzania to the north, Malawi and Zambia to the northwest, Zimbabwe to the west and Swaziland and South Africa to the southwest...
, Namibia
Namibia
Namibia, officially the Republic of Namibia , is a country in southern Africa whose western border is the Atlantic Ocean. It shares land borders with Angola and Zambia to the north, Botswana to the east and South Africa to the south and east. It gained independence from South Africa on 21 March...
, Lesotho
Lesotho
Lesotho , officially the Kingdom of Lesotho, is a landlocked country and enclave, surrounded by the Republic of South Africa. It is just over in size with a population of approximately 2,067,000. Its capital and largest city is Maseru. Lesotho is a member of the Commonwealth of Nations. The name...
and Zambia
Zambia
Zambia , officially the Republic of Zambia, is a landlocked country in Southern Africa. The neighbouring countries are the Democratic Republic of the Congo to the north, Tanzania to the north-east, Malawi to the east, Mozambique, Zimbabwe, Botswana and Namibia to the south, and Angola to the west....
. First Rand also has interests in Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
and India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
. The Group has expressed interest in expanding its operations into Angola
Angola
Angola, officially the Republic of Angola , is a country in south-central Africa bordered by Namibia on the south, the Democratic Republic of the Congo on the north, and Zambia on the east; its west coast is on the Atlantic Ocean with Luanda as its capital city...
, Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
and Tanzania
Tanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
.
Member Companies
The companies that comprise of the First Rand Limited and therefore are members of the First Rand Group include, but are not limited to the following:- FirstRand Bank
- First National Bank (South Africa)
- First National Bank (Botswana)
- First National Bank (Lesotho)
- First National Bank (Mozambique)
- First National Bank (Namibia)
- First National Bank (Zambia)
- First National Bank (India)
- Celpay - A mobile banking software company providing services in Zambia
- Contract Lease Management Limited
- Thaba Ekgolo (Pty) Limited
- Meletse Golf Estate (Pty) Limited
- Monteriva Investments 17 (Pty) Limited
- WesBankWesBankWesBank is one of the largest credit installment institutions in South Africa and South Africa’s largest provider of loans for cars.Wesbank is a division of FirstRand Bank Limited and partners with various motor industry stakeholders to deliver its major product, which is vehicle finance....
- First National Bank (South Africa)
- FirstRand Finance Company Limited
- Monument Insurance & Asset Management Limited
- Outsurance Limited
- Rand Merchant Bank
- RMB Asset Management
- RMB Westport
- RMB Fixed Income, Currency and Commodities (FICC)
- RMB Private Bank
- RMB Corporate Finance (Pty) Limited
- Youi in Australia
Ownership
The shares of the stockStock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
of First Rand Limited are listed on the Johannesburg Stock Exchange. The major shareholders in the Group are depicted in the table below:
{| style="font-size:95%;"
|-
| style="width:100%; text-align:center;"| First Rand Limited Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
|-
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||Directors & Managers of Rand Merchant Bank1||13.5
|-
|2||Remgro2||25.0
|-
|3||Black Enterprise Empowerment Trusts||09.5
|-
|4||Institutional and Private Investors on the JSE Limited||52.00
|-
| ||Total||100.00
|}
1= Rand Merchant Bank Holdings comprises Directors & Management of Rand Merchant Bank with 13.5% shareholding in FirstRand Limited and Remgro with 16.5% shareholding in FirstRand Limited.
2= Remgro owns a separate 8.5% shareholding stake in FirstRand Limited, bringing its total shareholding to 25%.
See also
- List of banks in South Africa
- List of banks in Africa
- Reserve Bank of South Africa