Rand Merchant Bank

GT Ferreira, Laurie Dippenaar, and Paul Harris founded RMB in 1977 as a leasing-focused partnership. By 1985, they executed a reverse takeover of Rand Bank, listing on the Johannesburg Stock Exchange. Subsequent mergers with Momentum Insurance and First National Bank created FirstRand Limited, where RMB now operates as the wholesale and investment banking subsidiary.

RMB draws on FirstRand's deposit base — primarily sourced through retail unit FNB — to fund its lending and principal investment activities. This is a structural advantage over standalone funds that must raise blind-pool commitments. The liability structure means RMB can hold loans and equity positions on balance sheet without GP-LP-style fundraising cycles.

RMB acts as a mandated lead arranger and lender under the REIPPPP, which procures utility-scale renewable power from independent producers. The bank has structured debt and provided equity bridge facilities for multiple solar and wind projects, making it one of the more active private-sector participants in South Africa's energy transition.

RMB's principal investments are made from FirstRand's balance sheet, not from a third-party fund structure. However, RMB Corvest, a private equity affiliate, manages pooled capital on behalf of institutional investors and invests in unlisted mid-market South African companies. This creates a split between proprietary and managed capital within the broader RMB brand.

RMB maintains a presence across sub-Saharan Africa, including offices in Nigeria, Kenya, and Namibia, and pursues cross-border advisory and lending mandates in markets such as Ghana and Zambia. However, South Africa remains the firm's dominant revenue center, with the rest-of-Africa portfolio concentrated in project finance and structured trade.