FirstRand commences Retail and Commercial banking operations in India

FirstRand Bank India is a part of FirstRand Limited – one of the largest South African financial services groups, providing banking and insurance products and services to retail, commercial, corporate and public sector customers in South Africa and several other African countries. On the back of establishing a successful 3 year track record in investment and corporate banking in India FirstRand today announced the commencement of retail and commercial banking operations in India. The flagship FRB branch in Mumbai was inaugurated by Sizwe Nxasana, CEO FirstRand Limited and legendary cricketer, Gary Kirsten, Brand ambassador for FRB in India. 

The inaugural FRB branch located at TCG Centre, BKC, Mumbai will support retail and commercial banking operations along with existing corporate and investment banking. At the branch inauguration, Sizwe Nxasana, CEO, FirstRand Limited said, “We are extremely excited to start retail and commercial banking in India, which represents the first new market outside of Africa for these operations. India and South Africa are similar in demographics and share a rich culture & history. We see India as an exciting business opportunity and this expansion into India is key to our long term growth strategy. Indo-African trade has risen considerably and we believe that the Mumbai branch will help us facilitate greater economic, trade and investment flows between the two countries. We are extremely proud to be the first bank from Africa to have full-fledged retail operations in India.” 

Also present at the inauguration, Mahendren Moodly, CEO and Country Head, FirstRand Bank India said, “FirstRand Bank India started operations in 2009 largely with a focus on corporate and investment banking. Today’s launch of full service commercial and retail banking services means we can now provide a holistic product offering to our Indian customer base.” 

He further added, “We are committed to making a significant contribution to the country's banking and finance industry. We see much potential in India and think it is an excellent market to activate the technology we have in South Africa which can find applications in the Indian market.” 

Speaking at the occasion, Bobby Madhav, CEO, Commercial and Retail Banking, FirstRand Bank India said, “We have a wide range of products and services, from simple banking solutions to highly innovative business solutions. We segment our business appropriately so that we can understand and cater for the unique needs of both consumers and businesses in India.”