- After exiting Citigroup from the banking business in India now South Africa’s second-largest bank FirstRand Bank – with $118 billion in assets is the latest foreign bank to exit India, after completing 10 years in 2019.
- First Rand is the licensed financial services provider in India and operates as a “branch” of FirstRand Bank South Africa. In India, it had only 1 branch in Mumbai
- It has reported an annual revenue ( 2019-2020) of Rs 318 crore and advances at Rs 420 crore at the end of March 2020.
- First Rand is the largest listed financial services group (by market capitalization) in Africa. The South African lender started operations as late as 2009 and started lending to individual customers and small and medium enterprises only in 2012.
Source-