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FirstRand
FirstRand
FirstRand
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FirstRand Limited, also referred to as FirstRand Group, is the holding company of FirstRand Bank, and is a financial services provider in South Africa. It is one of the financial services providers licensed by the Reserve Bank of South Africa, the national banking regulator.[3] FirstRand Group is Africa’s largest listed financial services institution, with over $100 billion AUM across Africa, the UK, and India.

Key Information

Overview

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Listed on the JSE and the Namibian Stock Exchange,[4] FirstRand Limited is one of the largest financial institutions in South Africa, and provides banking, insurance and investment products and services to retail, commercial, corporate and public sector customers. In addition to South Africa, the group operates in eight key African countries, namely, Botswana, Namibia, Swaziland, Lesotho, Zambia,[5] Mozambique, Tanzania, Ghana and Nigeria.[6] FirstRand Bank has branches in London, Guernsey and India.[7]

FirstRand executes its strategy through a portfolio of leading financial services franchises; Rand Merchant Bank (RMB), the corporate and investment bank; First National Bank (FNB), the retail and commercial bank; WesBank, an instalment finance provider; and Ashburton Investments, the group's asset management business.

The group has its headquarters in Johannesburg, South Africa. FirstRand is one of the five largest banking groups in South Africa and sub-Saharan Africa.[8]

History

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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.

These financial services interests were First National Bank Holdings, Momentum Life Assurers Limited ("Momentum", now part of MMI Holdings) and the Southern Life Association Limited ("Southern Life"), all of which were listed on the JSE.[9] FNB and Southern Life were constituted as wholly owned subsidiaries of Momentum which was the vehicle to affect the merger. Momentum changed its name to FirstRand Limited and was listed on the Johannesburg Stock Exchange on 25 May 1998 with Anglo American and RMB Holdings holding 20.43% and 25.03% of the authorised capital of FirstRand respectively.[10] Anglo American has since shed its entire shareholding.[11]

Post-merger events saw the merging of Rand Merchant Bank and FNB to form FirstRand Bank Limited, with the two units remaining to trade as divisions of FirstRand Bank Limited and the transfer of Momentum's insurance business into that of Southern Life, to form FirstRand Insurance Limited.[10]

FirstRand is listed as a "locally controlled bank" by the South African Reserve Bank, the national banking regulator.[12] The group has subsidiaries in South Africa and in the countries of Botswana, Mozambique, Namibia, Lesotho, Tanzania, Ghana, Zambia, Nigeria and the UK.[13]

In November 2012, the Central Bank of Nigeria issued the first merchant banking licences in more than a decade to RMB Nigeria and another local firm.[14]

In 2024 a UK court ruled against Close Brothers Group and FirstRand for mis-selling loans to car buyers. They had been paying commission to car dealers for recommending their loans, without the dealers revealing the commissions to the car buyers.[15] FirstRand disagreed with the court's findings.

Member companies

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FirstRand Group holds its investments through five main subsidiaries. These subsidiaries and their subsidiaries are members of the FirstRand Group and include, but are not limited to, the following:[16]

  • FirstRand Bank Limited – South Africa provides a comprehensive range of retail, commercial, corporate and investment banking services in South Africa and offers niche products in certain international markets.[17] FirstRand Bank has three major divisions which are separately branded:
    • First National Bank is the retail and commercial bank division of FirstRand Bank.
    • Rand Merchant Bank is the corporate and investment division of FirstRand Bank.
    • WesBank is the instalment finance division of FirstRand Bank. WesBank is South Africa's largest provider of loans for cars.
  • In addition to the three divisions, FirstRand Bank has branches in London, India and Guernsey, and representative offices in Kenya, Angola, Dubai and Shanghai.
  • FirstRand Investment Holdings Proprietary Limited (FREMA) – 100% shareholding – South Africa – A holding company for FirstRand Group's financial services companies in the rest of Africa and other emerging markets. Subsidiaries held through FREMA include:
    • FirstRand International (Mauritius) – 100% shareholding – Mauritius – A holding company for African investments.
    • First National Bank Botswana Limited – 69% shareholding – Botswana – A commercial bank providing retail and corporate banking. The bank is listed on the Botswana Stock Exchange.[18]
    • First National Bank of Ghana Limited – 100% shareholding – Ghana – A commercial bank providing retail and corporate banking.
    • First National Bank Lesotho Limited – 100% shareholding – Lesotho – A commercial bank providing retail and corporate banking.
    • First National Bank Mozambique Limited – 90% shareholding – Mozambique – A commercial bank providing retail and corporate banking.
    • First National Bank Namibia Limited – 58% shareholding – Namibia – A commercial bank providing retail and corporate banking. The bank is listed on the Namibia Stock Exchange.
      • OUTsurance Namibia – 51% shareholding – Namibia – An insurance company in Namibia. Held through First National Bank Namibia giving the group overall control of 30%. OUTsurance Holdings holds 49% of the venture.
    • First National Bank Swaziland Limited – 100% shareholding – Swaziland – A commercial bank providing retail and corporate banking.
    • First National Bank Tanzania Limited – 100% shareholding – Tanzania – A commercial bank providing retail and corporate banking.
    • First National Bank Zambia Limited – 100% shareholding – Zambia – A commercial bank providing retail and corporate banking.
    • Rand Merchant Bank Nigeria – 100% – shareholding – Nigeria – A corporate and investment bank in Nigeria.
  • FirstRand International Limited (Guernsey) – 100% shareholding – holding company for UK banking business:
  • FirstRand Investment Holdings Proprietary Limited (FRIHL) – 100% shareholding – South Africa – A holding company for FirstRand Group's other non-banking activities. Subsidiaries held through FRIHL include:
    • Direct Axis SA (Pty) Ltd – 100% shareholding – South Africa – A specialist financial services firm[20]
    • RMB Private Equity Holdings (Pty) Ltd – 96% shareholding – South Africa
    • RMB Private Equity (Pty) Ltd – 93% shareholding – South Africa
    • RMB Securities (Pty) Ltd – 100% shareholding – South Africa
    • RMB Morgan Stanley (Pty) Ltd – 50% shareholding – South Africa – A joint venture with Morgan Stanley.
    • RMB Australia Holdings Limited – 100% shareholding – Australia – An investment bank in Australia.
  • FirstRand Investment Management Holdings Limited – 100% shareholding – South Africa – This is the holding company for the group's asset management activities.
    • Ashburton Fund Managers (Pty) Limited – 100% shareholding – South Africa
    • Ashburton Investor Services (Pty) Limited – 100% shareholding – South Africa
    • Ashburton Management Company (Pty) Limited – 100% shareholding – South Africa
    • Ashburton Investments International Holdings Limited – 100% shareholding – South Africa
    • RMB CIS Management Company (Pty) Limited – 100% shareholding – South Africa
  • FirstRand Insurance Holdings (Pty) Ltd – 100% shareholding – South Africa – This is the holding company for FirstRand's insurance businesses. Subsidiaries held through FirstRand Insurance Holdings include:
    • FirstRand Life Assurance – 100% shareholding – South Africa
    • FirstRand Short-Term Insurance Limited – 100% shareholding – South Africa
    • FirstRand Insurance Services Company (FRISCOL) – 100% shareholding – South Africa

Ownership

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FirstRand is listed on the Johannesburg Stock Exchange and Namibian Stock Exchange. Its major shareholders include:[21]

FirstRand Limited stock ownership
Rank Name of owner Percentage ownership
1 RMB Holdings1 34.1
2 Remgro2 3.9
3 FirstRand's BEE partners 5.2
4 Institutional and private investors on the JSE Limited 56.8
Total 100.00

1→ RMB Holdings large shareholders include directors and management of RMBH with 10.4%, Remgro with 28.2% shareholding in RMBH and Royal Bafokeng Holdings with a 15% stake in RMBH.

2→ Based on its direct and indirect shareholding in FirstRand, Remgro's effective control of the group is 13.36%.

Awards

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  • Best Banking Performer, South Africa in 2016 by Global Brands Magazine[22]

See also

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References

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[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

FirstRand

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from Grokipedia
FirstRand Limited is a multinational headquartered in , , , established in April 1998 through the merger of Rand Merchant Bank and other entities to form a diversified ing group. As Africa's second-most valuable by as of August 2025, it operates a portfolio of integrated businesses providing transactional, lending, , and products to retail, corporate, commercial, and clients. The group is structured around three primary segments: retail and commercial banking, which accounts for the majority of its revenue through services like home loans, credit cards, personal loans, and small business financing via approximately 770 branches and thousands of ATMs; business and corporate banking for medium-to-large enterprises; and investment banking, including capital markets, mergers and acquisitions, and structured finance. Key subsidiaries include First National Bank (FNB), the group's flagship retail brand operating in South Africa and several sub-Saharan African countries; Rand Merchant Bank (RMB), focused on corporate and investment banking; WesBank, a vehicle financing specialist; Ashburton Investments, handling asset management; and Aldermore Bank, a UK-based challenger bank serving small businesses and consumers. FirstRand is listed on the Johannesburg Stock Exchange (JSE: FSR) and the Namibian Stock Exchange, with a workforce of approximately 50,000 employees and operations spanning South Africa, eight other African markets (including leading positions in Botswana, Namibia, and Eswatini), the United Kingdom, and selective international expansions like a recent stake in a UAE fintech. Under the leadership of CEO Mary Vilakazi, who assumed the role in April 2024 as the first woman in that position, FirstRand emphasizes sustainable growth, societal impact, and , with a purpose to "build a future of shared prosperity" through and ethical practices. For the ended June 30, 2025, the group reported normalized headline earnings of 41.8 billion , reflecting a 10% increase year-over-year, driven by diversified streams and strong franchise value despite economic challenges in its core markets.

Overview

Corporate Profile

FirstRand Limited is a established in 1998 and headquartered at 4 Merchant Place, corner of Fredman Drive and Rivonia Road, in , , . It is publicly listed on the (JSE) under the ticker symbol FSR, with its initial listing date of 28 May 1998. The company functions as a portfolio of integrated businesses, encompassing banking, , and offerings designed to serve diverse client needs across transactional, lending, and advisory domains. As of 30 June 2025, FirstRand reported total assets of R2.59 trillion, underscoring its significant scale within the financial sector. While its core operations are centered in , FirstRand extends its reach internationally through subsidiaries in , the , and select other markets, enabling a broader geographic footprint. The group employs approximately 50,717 people as of June 2025 and maintains a of approximately R463 billion as of November 2025. Key subsidiaries include First National Bank (FNB) for retail and commercial banking, Rand Merchant Bank (RMB) for corporate and investment services, WesBank for vehicle financing, and Bank for UK operations.

Strategic Focus

FirstRand's strategic focus centers on maintaining a diversified portfolio across retail and commercial banking, corporate and , , , and operations to mitigate risks and ensure resilient performance. This diversification spreads earnings sources, with approximately 75% derived from transactional and lending activities, and 58% from , while the remainder comes from broader African markets and international segments. By balancing secured retail lending (22% of advances), unsecured retail (5%), corporate and commercial (42%), operations (23%), and broader (8%), the group employs a disciplined lending approach that targets high-quality , maintaining loss at the bottom of its through-the-cycle range (achieved at 85 basis points in 2025) and a CET1 capital of 14.0%. This structure enables risk-adjusted returns and positions FirstRand to navigate economic volatility effectively. Key strategies emphasize digital innovation, geographic expansion, and sustainable finance to drive customer engagement and long-term value. Digital efforts are led by the FNB app ecosystem, which facilitates platform-enabled services and integrated customer experiences, resulting in 14% growth in app transaction volumes to 889 million in 2025 and an 11% increase in overall digital channel volumes. Expansion in African markets targets profitable growth in Namibia, Botswana, Eswatini, and beyond, with broader Africa profit before tax rising 5% (8% in constant currency) to R3.7 billion and advances up 5% to R138 billion. Sustainable finance initiatives, particularly through RMB's investment banking division, prioritize green, social, and sustainable thematic bond issuances to support infrastructure and climate adaptation projects. RMB's focus on cross-border lending and a hard currency platform in Mauritius further bolsters this Africa-oriented strategy. Competitive advantages stem from strong brand franchises like FNB and RMB, customer-centric , and seamless integrated service offerings that enhance and deposit growth. The group's deposit franchise reached R1.076 , comprising 73% of core funding, underscoring its appeal to retail and commercial clients through innovative digital tools and personalized services. These elements differentiate FirstRand in a competitive landscape by fostering loyalty and enabling efficient across its . Long-term goals prioritize sustainable growth through emerging markets and integration, targeting high mid-teens normalized earnings growth for 2026 (exceeding the nominal GDP +0-3% range) and a within 18-22% (achieved at 20.2% in 2025). This approach aims to deliver economic profit and dividends while scaling franchises profitably via digital platforms and African opportunities.

History

Origins and Formation

The origins of FirstRand trace back to two prominent South African financial institutions: First National Bank (FNB) and Rand Merchant Bank (RMB). FNB, the oldest bank in South Africa, was established in 1838 as the Eastern Province Bank in Grahamstown to serve the needs of early settlers and wool merchants in the . Over the subsequent decades, it evolved through various mergers and name changes, becoming a key retail and commercial banking player under the Anglo American Corporation (AAC) by the late . Meanwhile, RMB was founded in 1977 in by entrepreneurs Laurie Dippenaar, GT Ferreira, and as a firm focused on merchant banking and structured finance, quickly growing into a respected entity within (RMBH). FirstRand Limited was formally established on April 1, 1998, through the merger of the interests of AAC and RMBH, marking the creation of South Africa's first integrated group. This transaction combined AAC's holdings in FNB and Southern Life with RMBH's assets, including RMB and Life Assurers, following a that raised approximately R5.1 billion to consolidate ownership and eliminate cross-holdings. The merger was announced on March 10, 1998, and positioned the new entity as a diversified powerhouse spanning , , and , listed on the Johannesburg Stock Exchange (JSE) as FirstRand Limited by May 25, 1998. By June 30, 1999, FNB and RMB were further integrated under a single banking entity, FirstRand Bank Limited, to streamline operations. Laurie Dippenaar, a co-founder of RMB, played a pivotal role in the merger and served as the inaugural of FirstRand, with GT Ferreira appointed as Chairman. The early years were shaped by the post-apartheid economic landscape in , which involved rapid liberalization of trade and capital flows, new regulatory frameworks from the to promote , and efforts to integrate the globally following the end of isolation in 1994. These transitions brought challenges such as heightened competition from incoming foreign banks, volatility from the 1997-1998 East Asian that led to rand and elevated rates, and pressures on banking margins amid broader market uncertainty. Despite these hurdles, the merger's structure ensured adequate , enabling FirstRand to navigate the evolving regulatory environment and contribute to the country's financial sector transformation.

Key Milestones

In the early 2000s, FirstRand focused on consolidating its core banking franchises to enhance operational efficiency and growth. A significant step occurred in 2004 when First National Bank (FNB), a key division, merged its corporate and retail banking operations under a unified management team, aiming to capitalize on synergies and expand market share in South Africa. This integration strengthened FNB's position as a leading retail bank, contributing to overall group expansion in consumer and commercial services. International expansion gained momentum during this period, building on earlier footholds. FNB established operations in in 1992 by acquiring a 51% stake in a local from , marking entry into the sub-Saharan market; full control was achieved in 2006 with the purchase of the remaining 49% stake. Concurrently, Rand Merchant Bank (RMB) advanced its global presence through its arm, with RMB International () Limited incorporated in 1997 to support cross-border advisory and financing; this was bolstered in 2006 by the acquisition of MotoNovo Finance in , enhancing vehicle and asset finance capabilities in . These moves diversified FirstRand's footprint beyond , facilitating trade and investment flows. The 2010s marked a pivot toward diversification and , including deeper integration into insurance and the launch of digital initiatives. FirstRand's insurance arm, originating from the 1998 inclusion of , saw significant restructuring in 2010 through the merger of with Metropolitan Holdings to form MMI Group, where FirstRand acquired a substantial stake, broadening its and offerings. In parallel, FNB pioneered with the 2010 launch of eWallet, a prepaid mobile service enabling cashless transactions and for the . Further advancements included the launch of the FNB Banking App in 2011 and branded smartphones in 2016, reinforcing retail growth through technology-driven . Key acquisitions and strategic enhancements rounded out the decade's achievements up to 2019. In , FirstRand launched Ashburton Investments as a dedicated franchise, consolidating prior investments to offer specialized wealth and institutional solutions. WesBank, the group's vehicle finance specialist, solidified its market leadership through expanded origination and practices, supporting broader retail lending. Meanwhile, RMB emerged as a global leader in debt capital markets, advising on high-profile issuances and structuring complex transactions for African corporates accessing international funding from 2005 onward. These milestones, including the group's initial JSE listing in 1998, laid the foundation for sustained franchise value across segments like via FNB.

Recent Developments

In response to the , FirstRand implemented various relief measures in 2020 and 2021 to support customers and suppliers. The group offered payment holidays to retail, commercial, and corporate clients, alongside emergency funding at prime interest rates with zero fees and flexible repayment options starting after three months. These initiatives included waiving SASwitch fees and data charges, as well as providing liquidity facilities and covenant waivers on a case-by-case basis for affected businesses. To aid suppliers, FirstRand forfeited all payment terms in 2021, reducing payable days from 30 to 12 to bolster amid economic disruptions. The also accelerated FirstRand's efforts. FNB, a key , leveraged existing digital platforms for , account servicing, and customer interactions, processing approximately 1.7 billion monthly engagements that generated 300 million product opportunities. Digital insurance sales more than doubled, with origination costs 95% lower via online channels compared to branches. Innovations like the eWallet saw 49.2 million transactions worth R28.4 billion by June 2021, while new digital products such as the Easy Zero account attracted 721,600 active users. A significant leadership transition occurred in 2024, marking a new era for the group. Alan Pullinger stepped down as group CEO at the end of March 2024 after serving since 2018, with Mary Vilakazi, the then group , succeeding him effective April 1, 2024. Pullinger remained in a full-time advisory role until June 2024 to ensure a smooth handover. Vilakazi, who joined FirstRand in 2018 after roles at MMI Holdings, became the group's first female CEO, emphasizing continuity in strategic execution. In July 2025, FirstRand completed the divestiture of its 81% stake in MotoVantage, a short-term , effective July 1, 2025, as part of efforts to streamline non-core assets. The transaction followed a that classified the business as held for sale, contributing to an 8% decline in non-interest revenue for the but aligning with the group's focus on operations. Throughout the 2020s, FirstRand enhanced its African footprint through FNB Namibia, achieving steady growth amid regional economic challenges. FNB Namibia expanded its customer base by 6.2% in 2025, with advances reaching N$23.6 billion and deposits growing 13%, driven by digital initiatives like the SME digital hub and DigiPlus, which opened 14,459 accounts to boost . The subsidiary also forged partnerships, such as with Moneda for a N$1 billion oil and gas facility, and increased agricultural credit by 12% to support drought-affected farmers, contributing to a group profit after tax of N$1.9 billion, up 12.2% from 2024. FirstRand navigated evolving regulatory requirements in during the post-pandemic economic recovery, maintaining compliance with frameworks from the Prudential Authority and other bodies. As 's economy began recovering slowly from COVID-19-induced stress, with activity expected to improve gradually unless structural weaknesses were addressed, the group adapted to changes in legal and administrative actions while supporting broader . In August 2025, the Supreme Court ruled in the motor finance commissions case (Johnson v FirstRand Bank), largely in favor of lenders including FirstRand's subsidiary MotoNovo, providing regulatory clarity on dealer commissions but resulting in continued provisions for potential customer redress schemes. In October 2025, FirstRand acquired a 20.1% stake in AI-powered firm Optasia for $277 million ahead of its , further expanding the group's international portfolio.

Business Segments

Retail and Commercial Banking

FirstRand's retail and commercial banking operations are primarily conducted through its key subsidiary, First National Bank (FNB), which serves individual consumers and small to medium-sized enterprises (SMEs) with a comprehensive suite of financial products. FNB provides everyday banking solutions, including current and savings accounts, home loans, personal loans, credit cards, and overdrafts, tailored to meet the needs of its diverse customer base exceeding 12 million active clients across and select African markets. This segment emphasizes accessibility and innovation, particularly through digital channels, where FNB has cultivated a strong presence with over 7.8 million digital active clients, the facilitating nearly 890 million transactions in the ended June 2025. Notable among its digital offerings is the eBucks rewards program, which incentivizes by providing cashback and discounts on everyday spending, services, and , with enhancements in 2025 extending benefits to entry-level account holders like FNB Easy Bundle customers. These initiatives align with FirstRand's broader digital strategy to drive platform adoption and reduce reliance on physical branches, where transaction volumes declined by 14% amid a 5% rise in electronic platform usage. Complementing FNB's retail focus, WesBank specializes in and asset , offering instalment for motor vehicles, , and industrial equipment to both retail and corporate clients, with a particular emphasis on secured lending while managing a portfolio that includes elements of unsecured exposure through payment options. In the year to June 2025, WesBank's advances grew 10% to R190.6 billion, reflecting robust demand in South Africa's automotive sector, where new sales and financing options like flexible repayment structures have supported market recovery. This division contributed normalized earnings of R2.38 billion, representing approximately 6% of the group's total, bolstered by a 20% earnings increase driven by higher origination volumes and improved collections, though non-performing loans stood at 5.84% amid economic pressures. On the commercial side, FNB Commercial targets mid-market businesses with lending solutions, transaction banking, and services designed to support needs and activities. This unit advanced R143.9 billion in core loans during the 2025 fiscal year, a 11% increase, including pre-approved facilities for over 480,000 SMEs annually to facilitate growth in sectors like and services. Services encompass , merchant acquiring, and eWallet Pro for digital payments, helping mid-sized firms navigate liquidity challenges with non-interest revenue from fees growing 5%. Credit quality remains solid, with non-performing loans at 3.93%, though SME segments face origination strains from economic conditions. Geographically, these operations are dominated by , where FNB holds over 10 million customers and accounts for the majority of advances at R1 trillion, but extend into through franchises in , , and , serving an additional 2.36 million clients with localized products like cross-border remittances and trade financing. In these markets, advances increased 5%, supporting regional while contending with varying liquidity and impairment risks, such as those in Mozambique's challenging environment. In October 2025, FNB acquired Zambia's retail and wealth business, adding approximately R1.25 billion in advances. Overall, the retail and commercial banking segment generated normalized earnings of R23.62 billion from FNB alone, underscoring its role as a of FirstRand's diversified portfolio.

Corporate and Investment Banking

RMB, the corporate and investment banking division of FirstRand Bank Limited, provides specialized financial services to large corporates, financial institutions, and governments across Africa and select international markets. As a leading African corporate and investment bank, RMB focuses on delivering innovative advisory, funding, trading, corporate banking, and principal investing solutions tailored to complex institutional needs. Its core functions include advisory services for mergers and acquisitions, structuring and execution of debt and equity capital market transactions, and bespoke structured finance arrangements for major corporate clients. These offerings enable clients to navigate high-value deals, such as cross-border acquisitions and capital raises, drawing on RMB's expertise in African markets. RMB extends its reach through its international arm, with key operations in and to facilitate global trade and emerging markets debt activities. The London branch serves as a hub for UK-Africa corridor transactions, offering advice, structuring, funding, and execution support for internationally based corporates and investors with African interests, including debt financing and trade facilitation. In India, RMB maintains a presence via RMB Capital India, established to focus on capital raising, , and promoting trade and investment flows in the India-Africa corridor, particularly in emerging markets debt and cross-border opportunities. These international offices, complemented by presences in New York and , provide a network for global clients accessing African opportunities. Among its key offerings, RMB provides solutions for and projects in , including , , and equity funding for sectors such as ports, power generation, , and water facilities, aimed at addressing the continent's infrastructure deficit. In commodities trading, RMB Global Markets acts as a prominent provider of hedging, financing, and trading solutions for metals, , and commodities, supporting clients in managing price volatility and securing supply chains. Additionally, through RMB Private Bank, RMB delivers services, offering personalized financial advice and investment strategies to high-net-worth individuals and family offices linked to its corporate client base. RMB occasionally collaborates with FirstRand's retail segments for seamless client referrals in integrated financing needs. RMB holds a strong market position as South Africa's premier investment banking franchise and a top player in African corporate and investment banking, particularly in debt issuance and infrastructure financing. It has led notable debt capital market transactions, such as arranging FirstRand Bank's inaugural R2.585 billion social bond issuance in 2024 and facilitating issuances like Puma Energy's $500 million deal. In African infrastructure, RMB contributed to a $100 million private debt fund for climate-aligned projects in 2024, underscoring its leadership in funding sustainable development initiatives across the continent.

Other Operations

FirstRand's other operations encompass specialized beyond its activities, including partnerships, , property financing, and initiatives. offerings were previously managed through MotoVantage, a with Hollard , which provided short-term products such as , asset, and personal lines coverage integrated with FirstRand's lending portfolio. In a strategic adjustment, FirstRand sold its 81% stake in MotoVantage effective 1 July 2025, enabling a refocus on core integrated services while retaining distribution through banking channels. Ashburton Investments serves as the group's dedicated division, overseeing approximately R144 billion in as of June 2025. It specializes in a range of products, including unit trusts, funds, equity strategies, and alternative investments such as and , catering to institutional, corporate, and high-net-worth clients across and international markets. Property finance is facilitated through dedicated units like FNB Commercial Property Finance, which delivers tailored funding solutions for commercial real estate developments, acquisitions, and , supporting mid-market to large-scale projects. In the fintech space, FirstRand has expanded through strategic s, notably acquiring a 20.1% stake in Optasia in October 2025 for approximately R4.7 billion, an AI-powered platform providing digital lending and embedded to SMEs across 38 emerging markets. These ancillary services complement the group's banking segments by facilitating opportunities, such as bundling with loans or integrating advice into client relationships.

Governance and Ownership

Board and Leadership

FirstRand's executive leadership is led by Mary Vilakazi, appointed effective 1 April 2024 after serving as group , with a background in operations, strategy, and spanning over two decades, including roles in and . The is Markos George Davias, who serves as an with primary responsibility for financial oversight, capital management, and reporting, having joined the group in 2006 and progressed through senior finance positions. The board of directors comprises 10 members as of June 2024 (with no reported changes as of November 2025), including two executive directors and eight independent , ensuring a majority-independent structure to support objective oversight. Chaired by independent Johan Petrus Burger since December 2023, the board draws on collective expertise in banking, , , , and . Diversity is a core focus, with 40% female representation and 50% African, Coloured, or Indian directors as of June 2024 (aligning with or exceeding the group's June 2025 policy targets of 35% female and 50% African, Coloured, or Indian representation), alongside a balanced mix of skills such as , , and to align with the group's long-term objectives. FirstRand's governance framework adheres to the King IV Report on for , 2016, incorporating principles of , , and stakeholder inclusivity, while complying with the Companies Act, Banks Act, and JSE Listings Requirements. Key board committees include the , which oversees financial reporting and internal controls; the risk, capital management, and compliance committee, focused on ; and the remuneration committee, responsible for and performance alignment. This structure has facilitated strategic initiatives in and sustainable growth under the current leadership.

Shareholder Structure

FirstRand Limited's ordinary shares are primarily listed on the Johannesburg Stock Exchange (JSE) under the FSR, with a secondary listing on the Namibian Stock Exchange (NSX). As of November 2025, the company's stands at approximately R463 billion. The ownership of FirstRand is broadly diversified, with no single entity holding a controlling stake. Institutional investors hold around 50% of the shares, including significant positions by domestic and foreign entities. Retail investors and the general public own approximately 50%, while insiders, including directors and executives, control less than 1%. Among the major shareholders, the (SOC) Ltd., South Africa's state-owned asset manager, holds the largest stake at about 15.8%. Other notable holders include Bee Partners, LLC at 4.91% and Royal Bafokeng Holdings (Pty) Ltd. at 3%. Foreign investors, such as , Inc. with 4.15%, contribute to the institutional portion, reflecting around 20% foreign ownership within that category. Legacy influences from have diminished over time, leading to a more balanced distribution without dominant control. FirstRand employs a standard share structure with one vote per ordinary share and no significant dual-class arrangements that confer enhanced voting rights. The company maintains transparency through annual integrated reports and disclosures to the JSE, providing detailed updates on and matters. This structure supports institutional oversight in key decisions, such as board appointments.

Financial Performance

FirstRand's revenue has exhibited steady growth over the past two decades, expanding from approximately R10 billion in the early to R127.0 billion by the fiscal year ending June 2024, primarily fueled by strategic diversification into retail, commercial, and segments across and select international markets. This trajectory reflects the group's ability to capitalize on economic recovery post-merger and expanding non-interest streams, such as fees from lending and , which contributed significantly to the overall increase. The earnings trajectory has been robust, with headline (HEPS) rising from 54.2 cents in 2000 to 679.0 cents in 2024, achieving a of approximately 11% over this 24-year period. Key drivers include consistent operational efficiencies and volume growth in activities, with retail segment expansion playing a pivotal role in sustaining this momentum through increased customer deposits and lending portfolios. FirstRand has maintained a disciplined , delivering consistent payouts to shareholders with an average yield ranging from 5% to 7% over the long term, supplemented by special in years of exceptional performance such as post-2008 recovery and 2020 market rebounds. This approach underscores the group's commitment to returning capital while preserving strength for reinvestment. In terms of , FirstRand evolved from addressing integration risks following its 1998 formation through the merger of Rand Merchant Bank and First National Bank, which involved harmonizing systems and cultures in the early 2000s, to establishing a more balanced and diversified portfolio by the post-2010 era, incorporating advanced /III frameworks for , market, and operational risks. This maturation enabled resilient performance amid global financial volatility, with a focus on maintaining low loss ratios below 1% in recent years.

2025 Results

FirstRand reported normalised headline earnings of R41.8 billion for the ended June 30, 2025, representing a 10% increase from the previous year, despite challenges including a R2.7 billion additional provision for motor commissions. Headline (HEPS) rose 10% to 748.8 cents, while reached R132.8 billion, up 4.6% year-over-year. This performance underscores the group's resilience amid economic headwinds in and the , supported by diversified operations across retail and corporate segments. In segment performance, the retail banking division, led by FNB, saw normalised pre-provision profit increase by 7%, driven by 6% growth in and a 15% rise in revenue from value-added services, with the deposit base surpassing R1 trillion. The corporate and segment, primarily RMB, achieved an 11% uplift in normalised pre-provision profit, bolstered by strong results in fees and . The sale of the group's 81% stake in MotoVantage, a non-core vehicle finance administration business, became effective July 1, 2025, with negligible impact on FY2025 results as it was classified as held for sale. The balance sheet remained robust, with total assets expanding to R2.59 , reflecting steady advance growth across portfolios. The common equity tier 1 (CET1) capital ratio stood at 14.0% post-dividend, well above regulatory requirements and indicative of a strong capital position to support ongoing operations and dividends. Looking ahead, FirstRand guided for mid-teens normalised earnings growth in FY2026, anticipating benefits from operational momentum and normalization in key markets. This outlook aligns with the group's historical trend of delivering returns on equity in the upper half of its 18%-22% target range.

Sustainability and ESG

Environmental Initiatives

FirstRand has established a comprehensive climate strategy outlined in its 2024 Climate Change Strategies Report, committing to net-zero emissions for its financed (lending) portfolio by 2050, in alignment with the and science-based targets. This includes interim decarbonization pathways for high-emission sectors such as thermal coal and upstream oil and gas, with the group's lending emissions intensity in measured at 13.4 tCO₂e per million rand in 2024, reflecting a year-on-year decline from 14 tCO₂e/Rm. The bank's green financing efforts are guided by its Sustainability Bond Framework, initially launched in 2021 and updated in 2024 to align with International Capital Market Association principles. Under this framework, FirstRand has issued over R10 billion in and bonds since 2022, including R3.5 billion in October 2023 and R3.3 billion in March 2024, with proceeds allocated to eligible projects such as generation and buildings. These initiatives have facilitated financing for approximately 1,118 MW of infrastructure, equivalent to R30 billion in lending, emphasizing solar photovoltaic and wind projects to support . FirstRand tracks its group-wide across Scope 1, 2, and 3 emissions using the Partnership for Carbon Accounting Financials (PCAF) , with financed emissions totaling 15 million tCO₂e in 2024. The bank has set a target to achieve a 29% reduction in absolute by 2030 from a 2022 baseline, focusing on operational and financed emissions to drive broader decarbonization. In support of South Africa's , FirstRand participates in the Just Energy Transition Partnership through initiatives like its €200 million (ZAR 3.9 billion) contribution to a €400 million financing program with the , targeting solar and wind projects to enhance decarbonization and . These environmental efforts integrate with the bank's overall ESG framework to align financial activities with .

Social and Governance Practices

FirstRand has implemented various social initiatives to promote , particularly through its FNB division, which offers programs like township banking via partnerships with platforms to extend services to underserved communities. For instance, FNB's CashPlus solution and Cash@Till network enable community-based banking, serving over 633,000 customers through 4,350 agents and facilitating financial access in rural and areas. Additionally, the group maintains strong B-BBEE compliance, achieving a Level 1 rating under the Financial Sector Code as of October 2025, which supports broad-based economic empowerment through targeted lending and procurement from black-owned enterprises. In terms of diversity and inclusion, FirstRand's workforce comprises over 50,000 employees, with more than 60% being women as of 2024, reflecting a commitment to equity across operations. The group has met its board diversity targets in 2025, with approximately 40% female representation on the parent company's board, alongside policies promoting racial and skills diversity to foster inclusive leadership. FirstRand integrates ESG risk assessments into its lending and investment processes, using dedicated frameworks to evaluate social risks such as impacts and effects. These include screening for labor practices and inclusion in financing decisions, complemented by annual investments exceeding R1 billion, primarily through foundations and catalytic projects that support job creation and socioeconomic development. Recent examples include a R2.585 billion social bond issued in November 2024 to fund women-owned businesses, , , and ICT assets for underserved communities, as well as a R5.6 billion facility approved by the on November 14, 2025, to boost financing for SMEs and women entrepreneurs in . The framework embeds respect for rights into ethics, , and practices, ensuring alignment with international standards. On ethical , FirstRand enforces robust policies that prohibit and require in all dealings, with protections for whistleblowers through confidential reporting channels like the Ethics Line. The group aligns with the Principles for Responsible Banking, as demonstrated in its 2024 , which tracks progress in sustainable impacts and integration. These practices contribute to a holistic ESG approach, complementing environmental efforts by emphasizing and ethical conduct.

Recognition

Awards

In 2025, FirstRand Bank was named the Safest Bank in Africa by Global Finance magazine, topping the list based on long-term credit ratings from Moody's, S&P, and Fitch, which evaluate capital adequacy, liquidity, and overall stability. This recognition underscores the group's robust risk management and financial resilience amid regional economic challenges. Also in 2025, Rand Merchant Bank (RMB), a key subsidiary of FirstRand, received the Best Bank for Sustainable Infrastructure/ award from Global Finance's Sustainable Finance Awards, honoring its leadership in financing green projects and adhering to international sustainability standards like the . RMB further excelled by winning Best Bank for Green Bonds and Best Bank for Social Bonds in the same program, reflecting its commitment to impact-driven investments that align with environmental, social, and governance (ESG) criteria. FirstRand served as the principal sponsor of the 2025 Africa Impact Investment Awards, organized by Krutham, which celebrated African-led initiatives in ; the event highlighted models and ecosystem building, areas where FirstRand's sponsorship supported broader developmental goals. Additionally, RMB Nigeria Asset Management, part of the FirstRand Group, was awarded Fastest Growing Asset Manager of the Year at the 2025 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, based on metrics of growth and market expansion in . Historically, FirstRand has earned multiple accolades from Euromoney's Awards for Excellence, including being named South Africa's Best in 2021 for its profitability, digital innovation, and customer-centric strategies that drove superior returns. The group has received similar Euromoney honors in the 2010s and early 2020s, often recognized for excellence in through RMB and overall market leadership. These awards typically assess criteria such as transaction volume, innovation in financial products, and contribution to . FirstRand has also consistently been honored in Top 100 Companies survey, ranking among South Africa's top performers for creation; for instance, it placed 39th in the 2024 edition, evaluated on total shareholder return over five years compared to sector peers. Such recognitions emphasize the group's sustained , safety protocols, and focus across its operations.

Industry Rankings

In 2025, FirstRand was ranked as the safest bank in Africa by Global Finance magazine, based on long-term foreign currency credit ratings from major agencies such as Moody's, S&P, and Fitch. The company also placed 100th globally in the World Benchmarking Alliance's Financial System Benchmark, as part of the 2025 edition released on January 21, 2025, which evaluates 400 financial institutions on their contributions to sustainable development across governance, technology, clients, and ecosystems; within this, FirstRand ranked 7th among the 12 assessed institutions in Sub-Saharan Africa, scoring 19.3 out of 100 overall, with a governance score of 21.7 out of 100. FirstRand participated as a respondent in S&P Global's Assessment (CSA) for 2025, receiving a strong rating that highlights its robust policies on board oversight and ethical practices. Additionally, assigned it a low ESG risk rating of 15.8, indicating low exposure to material environmental and social risks relative to peers in the diversified sector. By total assets, FirstRand ranked among the top five banks in according to The Banker's 2025 survey, with approximately $130 billion in assets as of June 30, 2024, placing it second overall on the continent behind Group. It remains a constituent of the JSE Top 40 Index, South Africa's benchmark for the largest companies by , holding a weighting of about 6.35% as of mid-2025. FirstRand's ESG rankings improved from 2024 to 2025, particularly in environmental disclosure, driven by enhanced climate reporting in its annual sustainability documents that aligned more closely with on Climate-related Financial Disclosures (TCFD) recommendations.

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