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The FirstRand group's history traces back to the 1970s as an investment bank.The group as currently was established on 1 April 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.
FirstRand is listed as a "locally controlled bank" by the South African Reserve Bank, the national banking regulator. [8] As of May 2012 [update] , the group had total assets valued at US$90.3+ billion (ZAR:698 billion) (2011) [ 9 ] with subsidiaries in seven sub-Saharan countries and in Australia and India .
This merger gave rise to First Rand and was listed on the Johannesburg Stock Exchange on May 25, 1998, with Anglo American and RMH owning 20.43% and 25.03% of the authorized capital of FirstRand respectively. [12] FirstRand had two main subsidiaries i.e. FirstRand Bank and FirstRand Insurance, holding banking and insurance investments respectively.
This restructure was made possible due to the common shareholding in RMB Holding, Remgro and FirstRand. However, to date RMB Holdings and RMI Holdings share the same management team and resources under a management contract. [7] In January 2016, the firm changed its name to Rand Merchant Investment Holdings.
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View history; Tools. Tools. move to sidebar ... This is a list of publicly traded companies that offer their shareholders the option to be paid with scrip dividends ...