FirstRand starts winding down its India branch
SA’s most valuable banking group to close the operation and instead establish a representative office
17 September 2023 - 16:21
SA’s most valuable banking group, FirstRand, has begun to close its branch in India, 14 years after making its foray in the Asian country that is expected to drive world economic growth in the next few years.
The lender, valued at about R375bn on the JSE, said in its annual report that after a review of Rand Merchant Bank’s (RMB) strategy in India it decided to close the India branch and replace it with a representative office...
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