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Firstrand reviews its operations in India

20 October 2016 FirstRand

FirstRand has recently completed a strategic review of its Indian operations which has resulted in some changes to the in-country structure and operations.

India remains a key growth market for the group, particularly given the well-established and profitable corporate and investment banking (CIB) franchise it has built which continues to expand and benefit from opportunities in the growing trade corridors between India and the African continent. These activities represent FirstRand’s initial entry strategy into India in 2009 and continue to be important to the group’s long term growth ambitions in the broader African region.

The group has however taken the decision to scale down certain retail and business banking business lines, which operate as FRB in India. Whilst FirstRand believes that in the longer term its retail and commercial franchises should be in a position to compete in India, the short to medium term opportunities to properly scale these operations is limited, particularly given the current competitive and regulatory dynamics in that market.

In addition, the group’s strategies to grow its franchises in South Africa and Rest of Africa remain the priorities for resource allocation, given the growth opportunities that have been identified.

Commenting deputy CEO of FirstRand, Alan Pullinger said:

“FirstRand remains fully committed to those business lines that remain as part of the India branch, particularly the CIB franchise, and we assure our clients both in Africa and India that FirstRand will continue to meet their needs over the longer term”.

 

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