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The FirstRand Group was established in 1998, by the merger of First National Bank of South Africa, Rand Merchant Bank and Momentum Insurance & Asset Management. FirstRand is listed as a "locally controlled bank" by the South African Reserve Bank , the national banking regulator. [ 8 ]
RMH also transferred its entire stake in Rand Merchant Bank to Momentum thereby increasing its stake in Momentum Life to 76.4%. [8] In the same year, the group founded Discovery Limited along with Adrian Gore as a subsidiary of Momentum Life. [9] On February 28, 1998 the group founded OUTsurance, a short-term insurance company. [10]
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.
FNB Corporation is a diversified financial services corporation based in Pittsburgh, Pennsylvania, and the holding company for its largest subsidiary, First National Bank. As of July 17, 2024, FNB has total assets of nearly $48 billion. [ 2 ]
Union Bank of Jamaica in Jamaica was the result of a merger in 2000 of the business of four FINSAC controlled commercial banks and their three allied merchant banks, all seven of which sought Government intervention when faced with insolvency. The seven banks are: Citizens Bank; Island Victoria Bank; Eagle Commercial Bank; Citizens Merchant Bank
As of January 2020, Grindrod Bank maintains a branch network in the cities of Johannesburg, Durban, Pretoria and Cape Town at the following locations: [4] Durban Head Office & Branch - 1st Floor North, 20 Kingsmead Boulevard, Kingsmead Office Park, Durban; Johannesburg Branch - 4th Floor, Grindrod Tower, 8a Protea Place, Sandton, Johannesburg
By the end of that year, First National had a total of $99.4 billion in mortgages under administration. [10] In October 2017, First National Financial Corporation announced it had reached $100 billion in mortgages under administration. [11]
Mercantile Bank Limited is a South African commercial bank, founded in 1965. [3] It was previously called Bank of Lisbon International. [3] The bank is headquartered in Sandton, South Africa, [1] and provides products and services in retail banking, corporate finance, asset management, equity brokerage and security.