FirstRand Bank has started 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, former South African cricketer, who is also the brand ambassador for FRB in India.
After receiving permission from the RBI, 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. Nearly 70 per cent of its portfolio comes from corporate banking.
The company plans to open around 5-6 branches in the country. This is subject to RBI approval. "Right now our focus is on establishing our presence through our first branch opened here in Mumbai," said Mr Bobby Madhav, CEO, Commercial and Retail Banking, FirstRand Bank India.
Published on April 18, 2012
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