With a history dating back to 1838, FirstRand is a fully integrated financial services group and one of the big four South African retail, commercial and investment banks. Through its ownerships of brands like First National Bank, Rand Merchant Bank, Momentum and Wesbank, the group operates in almost every area of the financial services arena.
The group has representation elsewhere in Africa, including Nigeria, as well as the United Kingdom, Dubai, Australia and China, and now more recently in India.
As part of its international expansion strategy, FirstRand has identified India as a key market for future economic growth and set up its Representative Office in Mumbai, India in January 2008. A year later, it received its banking license, becoming the first South African bank to open a branch in India. FirstRand India currently has an office in Mumbai.
The FirstRand Journey
FirstRand received its final banking license from RBI in February, which was a milestone achievement in starting the Indian operations. The banking business commenced from its Mumbai office since April 2009.
The month of August 2009 was particularly important for FirstRand India as it got included in the list of scheduled banks in India. Schedulement was an important step as it enabled FirstRand India to become a full member of the Indian Banking fraternity.