FirstRand to turn its back on state-capture firms
Outgoing FirstRand chairman Laurie Dippenaar says values are more important than rules
Outgoing FirstRand chairman and cofounder of the group Laurie Dippenaar expressed extreme disappointment on Thursday with "the number of large corporations that have been complicit" in state capture, saying that some would lose FirstRand’s business.
After nearly two decades as a board member, Dippenaar will step down as FirstRand’s chairman at the end of March, signalling the end of an era for the bank. "The retirement age for board members is 70 and I turn 70 next year. The last thing I wanted to do in life is overstay my welcome," Dippenaar said.
But as a founding member of the banking group, now Africa’s largest by market value, together with GT Ferreira and Paul Harris, Dippenaar will be missed.
Commenting on state capture, he said: "I’ve been bitterly disappointed. We have expressed our disdain and disappointment [to these companies] and some of them will not get business from FirstRand again.
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