This fully integrated financial services group is one of the big four South African retail, commercial and investment banks. The group, through its First National Bank, Rand Merchant Bank, and Wesbank brands, is active across the financial services industry. FirstRand is represented in various African jurisdictions including SADC, Nigeria, the UK, Dubai, Australia, China and India.
MIC transaction overview
The FirstRand empowerment transaction was concluded in 2005, with MIC becoming a BEE partner alongside Kagiso Trust and WDB through the FirstRand Empowerment Trust (FRET).
In May 2010, as envisaged in the original transaction structure, the empowerment partners’ debt was successfully refinanced for the second period (to 2015) of the transaction.
The MIC and MIT together own 25% of FRET, with FRET owning 6.5% of FirstRand.