| Type | Public |
|---|---|
| Traded as | JSE: FSR |
| Industry | Banking and Finance |
| Founded | 1998 |
| Headquarters | Johannesburg, South Africa |
| Key people | Lauritz Lanser Dippenaar Chairman Sizwe Errol Nxasana Group CEO[1] |
| Products | Loans, Mortgages Investments, Debit cards, Credit Cards, Insurance, Asset Management |
| Total assets | US$80+ billion (2009)[2] |
| Website | Homepage |
First Rand Limited (JSE: FSR), also referred to as First Rand Group or as FirstRand Bank, is a financial services provider in South Africa.[3] The group has its headquarters in Johannesburg, South Africa, with subsidiaries in five neighboring Southern African 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.[4]
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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 Board 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.[5] The Group has subsidiaries in South Africa and in the neighboring countries of Botswana, Mozambique, Namibia, Lesotho and Zambia.[6] First Rand also has interests in Australia and India.[7] The Group has expressed interest in expanding its operations into Angola, Nigeria and Tanzania.[8]
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:[9][10]
The shares of the stock of First Rand Limited are listed on the Johannesburg Stock Exchange. The major shareholders in the Group are depicted in the table below:[9]