FirstRand’s RMB Seeks New Management for Corporate-Finance Unit

LAGOS (Capital Markets in Africa) – FirstRand Ltd.’s corporate and investment banking division Rand Merchant Bank is seeking new management for its corporate-finance unit with co-heads Craig Forbes and Puso Manthata stepping down later this year.

New leadership will be appointed at the start of the lender’s new financial year in July, RMB said in response to emailed questions. Forbes will be joining his family’s investment office by the end of the calendar year, while Manthata will remain with RMB as a business development director in the coverage division, the firm said.

RMB’s normalized earnings increased 5 percent to 3.3 billion rand ($230 million) in the six months through December, FirstRand reported on Tuesday. Johannesburg-based RMB’s rest of Africa portfolio is key to its growth strategy, FirstRand’s financial results booklet said, as corporate activity slowed in its home market. The business has a presence in nine African countries outside of South Africa, including Nigeria, Zambia and Kenya, as well as in India and China, according to RMB’s website.

Forbes, who according to his LinkedIn profile has been with RMB for 12 years, and Manthata, will make themselves available to hand over their responsibilities. “RMB has a deep pool of internal talent and will fill the corporate-finance division leadership positions in accordance with its longer-term succession plans,” RMB said.

Source: Bloomberg Business News