FirstRand Bank has commenced its retail and commercial banking operations in India. The flagship branch in Mumbai was inaugurated by Mr Sizwe Nxasana, CEO, FirstRand Ltd, and Mr Gary Kirsten, ex-South African cricketer, who is also the brand ambassador for FRB in India.
After having received the RBI permission, the South Africa-based bank started its India operations in 2009 with a focus on corporate and investment banking. The bank currently manages $175 million worth of assets in India, 70 per cent of which constitutes the corporate book.
The bank plans to opens around 5-6 branches in the country subject to RBI approval, said Mr. Bobby Madhav, CEO, Commercial and Retail Banking, FirstRand Bank India. While the bank will follow a branches and sales approach for the banked population, the company will be setting up a business correspondent model for the un-banked population. This system will be in place by July 2012, said Mr Madhav.
The bank currently has 90 employees in India, with 35 in the retail and sales department. Mr Madhav will serve as the CEO in India for a period of three years as the bank's focus in on employing local talent.
FirstRand has tied-up with Bajaj Allianz and Aditya Birla for the sale of insurance and with Reliance Mutual Fund for the sale of mutual fund products.
Post July 2012, the bank will also provide loans against gold assets, said Mr. Nxasana.
Published on April 18, 2012
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