Latest news with #FirstRandLtd
Bloomberg
5 days ago
- Business
- Bloomberg
FirstRand Sees Opportunity in Kenya as Capital Rules Tighten
Kenya's plan to raise the minimum capital requirement for banks 10-fold by 2029 may benefit Africa's largest lender by market value, supporting its ambitions to expand in East Africa's biggest economy. 'We'd like to go to Kenya,' FirstRand Ltd. Chief Executive Officer Mary Vilakazi said in an online briefing. 'They have increased capital requirements significantly, and not even because of Basel III, but just because that's what you can do when you want to drive consolidation, so hopefully we've got an opportunity there.'
Bloomberg
04-08-2025
- Automotive
- Bloomberg
FirstRand May Revise Provision After UK Car-Loans Ruling
FirstRand Ltd., South Africa's biggest bank by market value, may revise the amount of provisions it set aside to cover potential compensation and other costs its facing tied to missold car loans in the UK. Britain's Financial Conduct Authority said Sunday it will consult on a redress scheme for the missold loans, which could potentially cost lenders over £9 billion ($12 billion), after the UK Supreme Court overturned most of a lower court ruling and found that dealers can act in their own interests and generally don't need informed consent to charge commission.
Bloomberg
26-03-2025
- Business
- Bloomberg
FirstRand to Sponsor S. Africa's Springboks After MTN Deal Ends
FirstRand Ltd. 's First National Bank is the new main sponsor of South Africa's national rugby teams, known as the Springboks, replacing MTN Group Ltd. The Springboks are the reigning rugby-union world champions and, with four World Cup final victories, the most successful international team.
