FIRSTRAND LIMITED - FirstRand takes transfer of clients, assets and liabilities and employees of HSBC South Africa branch

FirstRand takes transfer of clients, assets and liabilities and employees of HSBC South Africa branch

FIRSTRAND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1966/010753/06)
JSE ordinary share code: FSR
ISIN: ZAE000066304
NSX ordinary share code: FST
LEI: 529900XYOP8CUZU7R671
(FirstRand)

FIRSTRAND TAKES TRANSFER OF CLIENTS, ASSETS AND LIABILITIES AND EMPLOYEES OF HSBC SOUTH AFRICA BRANCH

Shareholders are referred to the following media release issued by FirstRand today.

Johannesburg, 26 September 2024 – FirstRand Limited (FirstRand) the largest financial institution by market
capitalisation in Africa, confirms that HSBC Bank plc (HSBC) has agreed to transfer the clients, the banking
assets and liabilities and the employees of HSBC's branch in South Africa (HSBC South Africa) to FirstRand's
wholly owned subsidiary FirstRand Bank Limited (FRB).

The clients of HSBC South Africa are mainly subsidiaries of multinationals operating in South Africa and some
large domestic corporates, and therefore the transfer will be led and implemented by FirstRand's corporate
and investment (CIB) banking franchise, Rand Merchant Bank (RMB), one of the leading CIB businesses in
South Africa and on the broader African continent. This will ensure that the transferred HSBC clients will have
on-going access to corporate and investment banking services in South Africa.

HSBC's multinational clients will continue to have connectivity through HSBC's global digital channels for
account visibility and payment initiation for their South Africa accounts once they have transferred to RMB.
HSBC South Africa will service its branch clients until the transfer of the business is completed.

Emrie Brown, Chief Executive Officer, RMB, said: "This transaction delivers further scale to RMB's corporate
client franchise, bringing high quality assets and liabilities with the opportunity to service a valuable client base
of domestic corporates and multinationals operating in South Africa and across the continent, which is a key
part of RMB's growth strategy. The transfer also includes the employees of HSBC South Africa which brings
strong skills into our business and ensures continued service excellence."

"We are pleased that RMB's track record of client focused innovation and attracting and retaining the best
talent has been recognised by HSBC, and we are confident that RMB's capabilities and offerings will meet the
needs of these clients."

The transaction is expected to be completed in the fourth quarter of 2025, subject to regulatory and
governmental approvals.

FirstRand will allocate the required capital to back the transferred risk weighted assets, which meets the
group's financial resources allocation principles. The impact of this allocation on FirstRand Limited's CET1
ratio is not expected to exceed 20 bps.

Issued by FirstRand Investor Relations; sam.moss@firstrand.co.za

Sandton
26 September 2024

Financial Advisor and Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)




                                       

Date: 26-09-2024 11:25:00
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