FirstRand

FirstRand Limited is one of South Africa’s largest banking groups, encompassing FNB, RMB (Rand Merchant Bank), WesBank, and Ashburton Investments. RMH Holdings was formerly the parent company of Rand Merchant Bank and held a significant stake in FirstRand — this banking heritage gave RMH its name (Rand Merchant Bank Holdings). In 2020 RMH unbundled and divested its FirstRand stake, leaving the company with its sole remaining asset: a 38.5% minority stake in Atterbury Property Holdings. This transition from banking holdco to property holdco is the structural origin of the governance conflict that culminated in the AttBid Proprietary Limited mandatory offer.

Connections

• RMH Holdings — former parent; unbundled banking interest in 2020
• Atterbury Property Holdings — the asset RMH retained post-unbundling