Are FirstRand bank and FNB the same? Here is everything you need to know

In South Africa, financial institutions have played a key role in financial support to individuals, groups and companies. One such institution is FirstRand Limited, also referred to as FirstRand Group. It is the holding company of FirstRand Bank. Are FirstRand bank and FNB the same? Here is everything you need to know.

FirstRand Bank Limited is a wholly-owned subsidiary of FirstRand Limited. It has several divisions, including Rand Merchant Bank (the investment bank), FNB (the retail and commercial bank) and Wes Bank (the instalment finance provider). Are FirstRand Bank and FNB the same? Read below.

Is FNB FirstRand Bank?

FirstRand is one of the leading financial service providers licensed by the Reserve Bank of South Africa, the national banking regulator. The FirstRand Group is a portfolio of integrated financial services. It offers a universal set of services ranging from banking, insurance and investment products and services to retail, commercial, corporate and public sector customers.

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The group operates in eight key African countries: Nigeria, Tanzania, Ghana, Zambia, Mozambique, Botswana, Namibia, Lesotho and Swaziland. Additionally, FirstRand Bank has branches in India, Guernsey and London.

History of FirstRand Group

The group was established on April 1, 1998, through a merger of the financial services interests of Anglo American Corporation of South Africa Limited. They aimed to achieve a unified financial services grouping.

History of FNB

FNB is the oldest bank in South Africa. Did the FNB name change? It traces its origins to the Eastern triocrees Province Bank, which was established in Grahamstown in 1838. Due to a recession, the bank was bought out in 1874 by the Oriental Bank Corporation (OBC). The OBC faced many difficulties and decided to withdraw from South Africa, and thus the Bank of Africa was formed in 1879 to take over the OBC's business in South Africa.

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Due to another recession, the Bank of Africa was bought out by the National Bank in 1912, becoming one of the strongest and largest banks in South Africa. However, by the 1920s, the financial institution suffered bad debts and heavy losses. That prompted them to merge with Colonial Bank and Anglo-Egyptian Bank to form Barclays.

Following apartheid policies in South Africa, Barclays faced a disinvestment campaign forcing it to reduce its shareholding. As a result, it was renamed First National Bank of Southern Africa Limited.

What is the full name of FNB bank?

First National Bank (FNB) is one of South Africa's big four banks and is a division of FirstRand, a large financial services conglomerate. The First National Bank South Africa subsidiaries are:

• RMB Private Bank
• Sepal (Pty) Ltd
• First National Bank Pension Fund

What was FNB called before?

After protests against Barclays' involvement in South Africa and its apartheid government, Barclays (SA) announced its new name – First National Bank of Southern Africa (FNB) – a wholly South African-owned and controlled entity.

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Are FNB and RMB the same bank?

RMB is a part of the FNB group. FNB, WesBank and RMB now trade as divisions of FirstRand Bank.

FirstRand subsidiaries

The group runs its operations through six key subsidiaries. These are:

1. FirstRand Bank Limited

The institution has three major divisions: First National Bank (FNB), Rand Merchant Bank (RMB), and WesBank. Is WesBank part of FNB? WesBank is the instalment finance division of FirstRand Bank.

2. FirstRand Investment Holdings Proprietary Limited (FREMA)

This is a holding company for FirstRand's Group's financial services in the rest of Africa and other emerging markets.

3. FirstRand International Limited (Guernsey)

This is a holding company for the UK banking business.

4. FirstRand Investment Holdings Proprietary Limited (FRIHL)

This is a holding company for the group's other non-banking activities.

5. FirstRand Investment Management Holdings Limited

This holding company runs all the group's asset management activities.

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6. FirstRand Insurance Holdings Limited

This is a holding company that runs the group's insurance business.

Why is FNB the best bank for business?

FNB's ability to keep abreast of the needs of businesses is demonstrated through its ever-expanding ecosystem. That makes it desirable to many businesses.

What makes FNB different from other banks?

First National bank (FNB) has been named the top bank in South Africa in numerous surveys. The company's popularity comes from low bank fees, innovative banking services and a rich rewards program.

Are FNB and RMB the same bank?

FNB, WesBank and RMB now trade as divisions of FirstRand Bank. RMB is the Corporate and Investment Banking franchise of the FirstRand Group.

What is the biggest bank in South Africa?

South Africa's banking sector is again led by Standard Bank, which retains its position as the biggest bank in the country when measuring capital.

Who is FNB CEO?

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Jacques Celliers is the Chief Executive Officer of First National Bank, a position he has held since 2014.

Are FirstRand bank and FNB the same? The above article has everything you would love two know about the two financial institutions. So, open an account with them today and get the wide range of services they offer.

READ ALSO: What are the different types of bank accounts in South Africa 2022?

Briefly.co.za reported the different types of bank accounts in South Africa 2022. Different types of bank accounts serve different needs. Therefore, it is wise to put money into the best account type for your financial goals to access the right spending and saving tools.

Source: Briefly News