We use cookies to provide you with the best possible online experience. Read our cookie policy.
Driving economic growth and inclusion
RMB’s specific COVID-19 payment relief to clients
We continue to support our clients through the COVID-19 pandemic, advancing new facilities to clients in priority sectors, waiving covenants on credit facilities and granting payment holidays. During 2020, this relief was offered to 21% of RMB’s total book with 16% taken up.
| Rand value | |
|---|---|
| Payment holidays | Over R3.5 billion in payment holidays granted |
| Liquidity facilities | R11 billion in additional liquidity facilities/new money grants for COVID-19 related support |
| Covenant waivers | Covenant waivers worth R25 billion of funding |
Transformational infrastructure
RMB lent R11.2bn to transformational infrastructure in 2020.
Infrastructure development is imperative for economic growth and improving living standards. We remain a leading player in infrastructure and project finance across sub-Saharan Africa, providing advisory and funding solutions to key sectors such as public-private partnerships, conventional power, renewable energy, road, rail, ports, water and telecommunications.
Contributing to Black Economic Empowerment
RMB provided R10bn to finance BEE transactions in 2020.
A key driver of transformation and unlocking inclusive growth in South Africa has been the transfer of ownership of corporate assets through BEE transactions. We are a market leader in advising, structuring and funding BEE transactions.
Notably in 2020 we concluded the AB InBev BEE deal and launched a BEE hedge fund, providing seed capital to assist black asset managers.
RMB BEE Hedge Fund
We provided an initial investment of between R5 million and R10 million to those managers who also contributed to the fund. Proceeds are used to assist with operational costs and establishing key business processes and ensuring that the funds have adequate controls to run settlements.
Investment in agriculture
RMB and FNB lent R3.2bn to black owned companies in the agriculture sector.
We continue to be an active financier of the agriculture industry to support food security, industry transformation and sustainability given the size of its contribution to South Africa’s GDP.
A CSI strategy designed to contribute to upliftment
Social investing (or CSI) occurs through the FirstRand Foundation, FirstRand Empowerment Foundation and FirstRand Staff Assistance Trust.
FirstRand Volunteers
Employees (accross the group) donated R7.2m to worthy causes of their choice in 2020.
The FirstRand Volunteers programme provides employees across the Group with the opportunity to make a real difference by matching employees’ time and monetary donations to their chosen organisation or school.
SPIRE: COVID-19 response to broader society
In response to the unexpected and unprecedented social challenges that the COVID-19 pandemic presented FirstRand created SPIRE immediately following lockdown. The public benefit fund facilitated numerous interventions particularly focused on healthcare solutions and feeding schemes for vulnerable communities.
The Green Outcomes Fund
The Green Outcomes Fund (GOF), a first of its kind structure, aims to incentivise South African fund managers to increase investment in small and growing green businesses. The RMB Fund, through the FirstRand Foundation, committed R9 million toward the operating expenses of the GOF pilot (2020-2022). This enabled GOF to receive grant funding of R84 million from the Jobs Fund.
Providing an enabling environment for employees
LGBTQIA+ AFFINITY Group
In September 2020, we launched our first LGBTQIA+ alumni base, being visible as an employer of choice for LGBTQIA+ talent and continuing to advocate inclusivity.
Voices of Change
RMB was one of the key sponsors of the annual Voices for Change webinar, an initiative that encourages men and women to play leading roles in driving gender parity in the workplace.
FirstJob work experience initiative
Since the FirstJob programme was launched in 2018, more than R283 million has been invested in and 2 542 meaningful work experiences have been created.
Reported data and information in the profiled case studies relate to events and initiatives that occurred during the 2020 calendar year, before the issue date of the FirstRand 2020 Report to Society.