FirstRand is one of the leading banking and financial services provider in South Africa.
It is licensed by the Reserve Bank of South Africa which is the apex bank of the country. Founded in 1970, it has its headquarters in Sandton, South Africa. It owns a number of brands like the Rand merchant Bank, the First National Bank, Momentum and Wesbank almost leaving untouched any area of financial services. Apart from South Africa the other regions of operation of FirstRand in other parts of the world include Nigeria, United Kingdom, Dubai, Australia and China with the most recent one being India. The representative office of this bank was set up in Mumbai, India in 2008. In 2009 it received its banking license making it the first South African bank to have opened a branch in India. The products provided by FirstRand include credit and debit cards, mortgage loans, personal loans and investment products. The services include card acquiring, transactional and deposit taking, distribution channels and credit facilities. The core financial services like investment banking, Private wealth management, fund management and advisory services to retail, corporate, commercial and public sector customers are also provided by the bank.
Also this bank was originated in 1838 as a Retail bank the establishment of the FirstRand Investment bank took place in 1970. The FirstRand Group as in its current form was established on April 1, 1998 when the Anglo American Corporation of South Africa Limited was merged with RMB Holdings. The underlying objective of this merger was the creation of a unified financial services group. The subsidiaries of the FirstRand Group are present in eight key African countries namely Botswana, Namibia, Swaziland, Lesotho, Zambia, Mozambique, Tanzania and Nigeria. It has a huge balance sheet size of $84.59 billion and Market Capitalization of $26.9 billion (as of May 2015).