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# FirstRand's RMB wins regulatory approval to take over HSBC's South African business
- URL: https://www.theglobalbanker.com/firstrand-s-rmb-wins-regulatory-approval-to-take-over-hsbc-s-south-african-business/
- Published: 2025-06-10T11:30:00.000Z
- Updated: 2026-10-01T18:36:13.000Z
- Description: FirstRand said on 10 June 2025 it had regulatory approval to take on HSBC South Africa's clients, assets, liabilities and staff, with the British bank's exit due to complete by 31 October 2025.
- Author: TGB Editorial Team
- Tags: M&A, Africa, #archive

FirstRand said on 10 June 2025 that it had received the necessary regulatory approval to take over the business of HSBC South Africa, setting 31 October 2025 as the date by which the British bank's exit from the country is expected to be completed.

Under the transfer, HSBC South Africa's clients, banking assets, liabilities and employees will move to FirstRand, with the transfer led and implemented by its corporate and investment banking franchise, Rand Merchant Bank (RMB). HSBC announced in September 2024 that it would exit South Africa, where it began operating in 1995.

#### CLIENTS AND CONTINUITY

According to FirstRand, HSBC South Africa's clients are mainly subsidiaries of multinationals operating in the country and some large domestic corporates. “This will ensure that the transferred HSBC clients will have ongoing access to corporate and investment banking services in South Africa,” the group said. HSBC's multinational clients headquartered outside South Africa will retain connectivity through HSBC's global digital channels for account visibility and payment initiation on their South African accounts once these have moved to RMB, and HSBC South Africa will continue to service its branch clients until the transfer is completed.

Emrie Brown, chief executive of RMB, said: “The transaction fits with RMB's strategy to scale its corporate banking business and increase its share of multinational clients operating in South Africa.”

#### CAPITAL IMPACT

FirstRand said it would allocate the capital required to back the transferred risk-weighted assets. “As previously guided, the impact of this allocation on FirstRand Limited's CET1 ratio is not expected to exceed 20 bps,” it said.

HSBC's withdrawal follows the closure of BNP Paribas's corporate and investment bank in South Africa in May 2024.