Rand Merchant Bank | Banks - Merchant

RMB is a subsidiary of FRB. The FirstRand group's history traces back to the 1970s as an investment bank. The group as currently was established on April 1, 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. FNB and Southern Life were delisted from the JSE and 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 May 25, 1998 with Anglo American and RMB Holdings holding 20.43 percent and 25.03 percent of the authorized capital of FirstRand respectively. An