# FirstRand Private Banking: FNB and RMB under one licence > Official entry thresholds R750k/R1.8m; FNB Channel Islands in Guernsey; CODI deposit cover R100k; Euromoney Africa's Best Private Bank 2025 (FNB). Author: Adam Ihsan — Venture Partner (https://wiki.private.law/en/authors/adam) Last modified: 2026-10-20T13:28:00.000Z Canonical: https://wiki.private.law/en/firstrand-private Publisher: wiki.private.law (https://wiki.private.law) Version: 6baaf1ef99dbbf6189d19dbb333fd49502eaf3689aa37d4893174bc74d4bc532 Cite as: FirstRand Private Banking: FNB and RMB under one licence. wiki.private.law. https://wiki.private.law/en/firstrand-private. Version 6baaf1ef99dbbf6189d19dbb333fd49502eaf3689aa37d4893174bc74d4bc532. Topics: banking Jurisdictions: guernsey, global Functional tags: private-banking Product tags: bank, wealth-planning, investment, lombard-credit, trust, estate-planning, family-office Semantic tags: private-banking, bank, wealth-planning, investment, lombard-credit, trust, estate-planning, family-office --- ## 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. > 🍓 Deposit protection: CODI (Corporation for Deposit Insurance, a SARB subsidiary operational since 1 April 2024) covers R 100 000 per qualifying depositor per bank; the Deposit Insurance Fund reached its R 20bn target in its first year. Guernsey deposits are protected up to £ 50 000 under the Guernsey Banking Deposit Compensation Scheme. ## 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](https://wiki.private.law/source-of-funds) checks. > 💡 Official entry thresholds: FNB Private Clients — annual income of at least R 750 000 (raised from R 600 000 on 1 July 2024); FNB Private Wealth — income of at least R 1.8m or net asset value of at least R 15m; RMB Private Bank — income of at least R 750 000 or net asset value above R 15m. ## 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](https://wiki.private.law/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 | Jurisdiction | Legal entity | Form and supervision | Role | | --- | --- | --- | --- | | South Africa | FirstRand Bank Limited (FNB Private Banking and RMB Private Bank divisions) | Licensed bank; SARB / Prudential Authority supervision; CODI deposit insurance up to R 100 000 | Primary booking: accounts, lending, investments, fiduciary services | | Guernsey | FirstRand Bank Ltd, Guernsey Branch (FNB Channel Islands) | Bank branch; GFSC licence 2014, launched 2015; deposits protected up to £ 50 000 (Guernsey DCS) | Offshore deposits and accounts | | Guernsey | FNB International Trustees Ltd | Trust company supervised by the GFSC; ~40-year pedigree | Offshore trusts and fiduciary structures | ## 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. ## Q/A ### How do FNB Private Banking and RMB Private Bank differ? Both are divisions of FirstRand Bank Limited under one banking licence. FNB serves the broad affluent-to-HNW base, while RMB targets urban professionals and leverages its investment-banking heritage. ### What are the entry thresholds? Officially: FNB Private Clients — annual income from R 750 000 (raised from R 600 000 on 1 July 2024); FNB Private Wealth — income from R 1.8m or net assets from R 15m; RMB Private Bank — income from R 750 000 or net assets above R 15m. ### Are deposits insured? In South Africa, CODI (operational since 1 April 2024) covers R 100 000 per qualifying depositor per bank. In Guernsey, FNB Channel Islands deposits are protected up to £ 50 000 under the Guernsey Banking Deposit Compensation Scheme. ### Is offshore booking available? Yes: FNB Channel Islands is FirstRand Bank Ltd's Guernsey branch (GFSC licence 2014, launched 2015). Offshore trusts are handled by FNB International Trustees Ltd, with a ~40-year pedigree. ### Who leads the group? Group CEO is Mary Vilakazi (since 1 April 2024 — the first woman to lead the group); FNB CEO Lytania Johnson (since 1 April 2026); RMB CEO Emrie Brown (since 1 October 2022) — all three key businesses are women-led, according to published reports. --- ## Similar articles - [British Atlantic Bank (NodaBank): Accounts, Deposits and Lending](https://wiki.private.law/en/nodabank) - [Absa Private Banking: post-Barclays wealth at South Africa's third bank](https://wiki.private.law/en/absa-private) - [Standard Bank Private Banking: Africa's largest bank and its offshore arm](https://wiki.private.law/en/standard-bank-private) - [Nedbank Private Wealth: the island bank for mobile South African and British families](https://wiki.private.law/en/nedbank-private-wealth) - [Investec Private Banking: the specialist bank of two countries with an offshore wing](https://wiki.private.law/en/investec) - [GTBank Private Banking: private banking at Nigeria's GTCO](https://wiki.private.law/en/gtbank-private) --- Source: wiki.private.law — the private.law legal knowledge base. 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