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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.
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.
In consequence, FNB became a wholly owned subsidiary of FirstRand Limited; it currently trades as a division of FirstRand Bank Limited. [6] In 1999, the First National Bank was mentioned in the 'Ciex Report' that summarised a two-year long investigation into the theft of R26 billion from the state during the apartheid era.
RMI Holdings was incorporated and registered in South Africa on 24 March 2010 as a wholly owned subsidiary of RMB Holdings. [3] On 7 March 2011, RMB Holdings (RMBH), Remgro and FirstRand span off their insurance assets to RMI Holdings and separately listing it on the JSE.
In 1998, the Momentum Group became part of First Rand after the merger of the financial services interests of Anglo American Corporation of South Africa Limited (now Anglo American plc) and RMBH to achieve the objective of a unified financial services grouping. [5] With First Rand Group owning 75 percent of Discovery Limited. [6]
In this analysis, my focus will be on developing a perspective on Rand Capital Corporation’s (NASDAQ:RAND) latest ownership structure, a less discussed, but important factor. A company’s ...
Aldermore Bank plc is a retail bank which provides financial services to small and medium-sized businesses and personal customers. It was founded in 2009 and listed on the London Stock Exchange in March 2015. It was a constituent of the FTSE 250 Index until it was acquired by South African banking conglomerate FirstRand in March 2018.
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