FirstRand Group is one of South Africa's big five full-service financial institutions, offering a full range of consumer retail, commercial and corporate banking services. Its main retail and commercial banking business is First National Bank or FNB, now one of South Africa's most admired banking brands. A 2014 poll of local ad agencies listed FNB as the second most desired client after Coca-Cola. It is also the country's oldest lender, tracing its roots back to the early 19th century. For much of the middle of the 20th century it was the South African arm of Barclays, before being sold in 1971 as a result of apartheid disinvestment. It was acquired by investment bank FirstRand in 1998. RMB is now the group's corporate and investment banking business; WesBank offers consumer finance services. FirstRand also has interests in several other countries in sub-Saharan Africa, as well as UK-based specialist lender Aldermore. The group's biggest shareholder, with around 30% of equity, is Remgro, the investment vehicle of the Rupert family, who also control luxury group Richemont. Alan Pulinger is group CEO; Jacques Celliers is CEO of FNB. Total income for the year to June 2019 was ZAR 96bn (approx $6.8bn).
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Capsule checked 25th August 2020
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