FirstRand Private Banking: FNB and RMB under one licence

Concept

FirstRand Private Banking is two private-banking brands operating under a single banking licence: both are divisions of FirstRand Bank Limited. FNB Private Banking (tiers: FNB Private Clients and FNB Private Wealth) serves the broad affluent-to-HNW base, while RMB Private Bank targets urban professionals and leverages RMB's investment-banking heritage. The franchise is led by Eric Enslin, CEO Private Banking & Advisory (since July 2023); RMB Private Bank is headed by Gareth Matthews.

FirstRand is South Africa's #1 bank by market capitalisation and #2 by total assets (behind Standard Bank). For the financial year to June 2025: normalised earnings of R 41.8bn (+10%), ROE of 20.2%, total assets of ≈ R 2.5tn (~US$ 150bn). The in-house asset manager is Ashburton Investments (folded into RMB in 2020; AUM ≈ R 144bn at June 2025, according to published reports; the figure is approximate).

History and evolution

• 1838 — FNB's lineage begins with the Eastern Province Bank in Grahamstown, South Africa's oldest bank.
• 1977 — GT Ferreira, Laurie Dippenaar and Pat Goss found Rand Consolidated Investments.
• 1984–85 — the RMB name and banking licence emerge via the Rand Merchant Bank merger.
• 1996 — "Origin, the Merchant Bank for Individuals" is rebranded RMB Private Bank.
• 1 April 1998 — FirstRand is formed (Anglo American and RMB Holdings interests; JSE listing in May 1998).
• 30 June 1999 — FNB, RMB and WesBank merge into FirstRand Bank Ltd.
• October 2000 — eBucks launches, South Africa's first bank loyalty programme.
• 2014–15 — the Guernsey branch opens (FNB Channel Islands).
• 2017–18 — UK lender Aldermore is acquired (~£ 1.1bn).
• 2024 — Mary Vilakazi becomes group CEO, the first woman to lead the group.
• 2026 — the UK exit is announced.

Regulation

The core legal entity is FirstRand Bank Limited, a licensed bank supervised by the SARB and the Prudential Authority, with deposits covered by CODI. The Guernsey branch is regulated by the GFSC (licence granted 2014, launched 2015).

Compliance record: On 16 April 2014 the SARB fined FirstRand Bank R 30m for FIC Act deficiencies (KYC, record-keeping, suspicious-transaction detection) — part of a R 125m round covering the big-four banks; the SARB noted the fines did not indicate actual money laundering. In the rand-manipulation case, FirstRand was among the 28 respondent banks in the Competition Commission's USD/ZAR collusion matter; on 30 June 2026 the Constitutional Court permanently cleared the local banks including FirstRand — the case proceeds only against six international banks, according to official information and Reuters. No other major PA/FSCA fines were found.

Source of wealth

Typical client wealth origins: professionals (doctors, lawyers, accountants — RMB's tilt), entrepreneurs and SME owners, mining and industrial fortunes, and multi-generational families; the diaspora uses Guernsey booking. More on source of funds checks.

Who it serves

FNB Private Banking covers the broad affluent-to-HNW base: 1.76m private customers earning above R 750 000 at December 2025 (+8% YoY), according to official information; combined private clients across both brands ≈ 1.4m (May 2024), according to published reports. RMB Private Bank targets urban professionals with income of at least R 750 000 or net assets above R 15m.

Services

Transactional and Fusion accounts, a dedicated private banker and Service Suite, eBucks rewards and lounge access; stockbroking and discretionary portfolio management (Euromoney "SA's Best DPM 2024"); specialist and lombard lending, structured property finance; FNB Fiduciary (wills, estate administration, trusts) plus offshore trusts via FNB International Trustees; and an FNB multi-family office, cited in Euromoney's "Africa's Best Private Bank 2025: FNB" award.

Entities

Strengths

• Two brands under one licence, covering affluent through HNW and family offices.
• Group financial strength: ROE of 20.2%, total assets of ≈ R 2.5tn.
• An offshore footprint in Guernsey with deposit protection and ~40-year fiduciary infrastructure.
• Industry recognition: Euromoney "Africa's Best Private Bank 2025" (FNB); RMB Private Bank — Best Private Bank SA (Euromoney 2025, five categories) and overall winner of the 2025/26 Ask Afrika Orange Index, according to published reports.

Where it falls short

• Entry thresholds are tied to rand-denominated income; access is limited for clients without a South African connection.
• The footprint is South Africa-centric: in April 2026 the group announced its UK exit (Aldermore/MotoNovo classified as discontinued operations; sale advisers hired in May 2026; the sale has NOT completed — pending), and FY2026 (June 2026) attributable earnings fell 5% after a R 16bn+ UK motor-finance provision.
• Income and asset verification is required; cross-border structuring outside Guernsey is limited.

In sum: for clients centred on South Africa, FirstRand combines the scale of the country's largest bank, two specialised private-banking brands and a Guernsey offshore channel; for purely international clients without South African ties, the offer is considerably narrower.