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FirstRand provides banking and insurance products and services to retail, commercial, corporate and public sector customers in South Africa and several African countries. The Group’s track record of delivering superior returns to shareholders has been achieved through a combination of organic growth, acquisitions, innovation and the creation of completely new businesses. Since then, the founders, together with a long standing and stable management team, have created the second largest financial institution in South Africa.

The Group is differentiated by its owner-manager culture and executes its strategy through a portfolio of leading franchises; Rand Merchant Bank (RMB), First National Bank (FNB), and WesBank. The Bank provides working capital and international commercial banking support to these clients, including services such as treasury management. FirstRand Bank invested in world-class systems and use innovative technology to provide unique banking services.

The Group carefully evaluated the consequences of retaining ownership of the new merged entity within FirstRand, however, reached the conclusion that shareholders benefited most from a complete unbundling. Not only would it unlock any potential value trapped within FirstRand but would also ensure that the new entity has sufficient free float on the JSE and the necessary financial and regulatory flexibility to realise its strategic objectives.

Besides commercial banking, which includes deposit taking, the provision of cheque services and lending, FirstRand Bank may also carry on any other business which is regulated or authorized by Reserve Bank, including financial advisory services, trade finance, short term investing and short-term foreign exchange.

The Reserve Bank is responsible for bank regulation and supervision in South Africa. The purpose is to achieve a sound, efficient banking system in the interest of the depositors of banks and the economy as a whole. This function is performed by issuing banking licenses to banking institutions and monitoring their activities as regulated by the Banks Act (No. 94 of 1990) and the regulations relating thereto.