First Rand Group
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| Public company | |
| Traded as | JSE: FSR |
| Industry | Banking and finance |
| Founded | 1998 |
| Headquarters | Johannesburg, South Africa |
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Key people
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Lauritz Laurie Dippenaar Chairman Johan Burger Group CEO |
| Products | Loans, mortgages, transactional services, investments, debit cards, credit cards, insurance, asset management |
 Aftertax:US$1.8 billion (ZAR:18.7 billion) (2014) |
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| Total assets | US$89 billion (ZAR:945.5 billion) (2014) |
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Number of employees
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38,989 |
| Website | Homepage |
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.
Listed on the JSE and the , 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 territories, namely, Botswana, Namibia, Swaziland, Lesotho, Zambia, Mozambique, Tanzania and Nigeria. FirstRand Bank has branches in London and India.
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 newly established investment 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.
The FirstRand Group's history traces back to the 1970s as an investment bank. The Group as currently is was established on April 1, 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 ("FNB"), 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. FNB and Southern Life were delisted from the JSE and constituted as wholly owned subsidiaries of Momentum which was the vehicle to effect the merger. Momentum changed its name to FirstRand Limited and was listed on the Johannesburg Stock Exchange on May 25, 1998 with Anglo American and RMB Holdings holding 20.43% and 25.03% of the authorized capital of FirstRand respectively. Anglo American has since shed off its entire shareholding.
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