All data is delayed
See More

RMB to expand its franchise in Nigeria

Nov 26 2012 16:25
I-Net Bridge

Company Data


Last traded 58
Change -1
% Change -1
Cumulative volume 1812667
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA


Last traded 47
Change 0
% Change -1
Cumulative volume 7271028
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Outlook uncertain despite confidence

RMB ups earnings 3%

RMB midcap exchange-traded fund launched

RMB Ventures invests in Studio 88 Group

Johannesburg - RMB Holdings [JSE:RMH] confirmed on Monday that‚ through its parent FirstRand [JSE:FSR]‚ it has secured an investment banking licence from the Central Bank of Nigeria which required an initial capital investment of $100m.

RMB has been operating in Nigeria from a representative office since January 2010 and is already a meaningful player in the Nigerian investment banking sector.

Alan Pullinger‚ CEO of RMB‚ says that the licence will allow RMB to more rapidly build out its franchise‚ provide products and services to the corporate and institutional client segments as well as employ talented bankers in the country.

“We are very pleased to have secured this licence‚” said Pullinger. “Nigeria as a country and the West African region as a whole are experiencing significant growth and although we have already established a track record through our representative office‚ this licence will allow us to significantly scale up our in-country offering.”

RMB Nigeria will provide corporate advisory services‚ equity capital markets‚ infrastructure and project finance‚ resource finance‚ structured trade and commodity finance‚ and fixed income‚ currency and commodity services to large local‚ regional and international corporates already operating in or entering Nigeria and the broader West African economies.

Sizwe Nxasana‚ CEO of FirstRand‚ said that this development was in line with FirstRand’s strategy to build a presence in high growth African markets with attractive long term prospects.

“This move is consistent with our strategy as we often enter a new market through the appropriate operating franchise‚ in this case RMB‚ and the rest of the banking group may then follow. Nigeria currently offers strong growth prospects particularly with regards to corporate and investment banking.”

RMB Nigeria‚ with Michael Larbie as Chief Executive Officer‚ will operate from their offices at 12 Churchgate‚ Victoria Island‚ Lagos.
rmb  |  firstrand bank  |  nigeria



Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

WhatsApp group admins in SA could face jail time their jobs

Previous results · Suggest a vote