According to bank documents, this summary describes equity investments by FirstRand Limited (FirstRand Group) into First National Bank Zambia Limited (FNBZ) in Zambia. FirstRand Group's interest in FNBZ is held by FirstRand EMA Holdings Pty Limited (FREMA), being the investor. The investor has applied for MIGA guarantees of up to US$36.5 million in mandatory reserves cover for a period of up to 15 years.
FirstRand Group, South Africa-based, is one of the largest pan-African financial institutions in terms of total assets with operations in ten countries in Sub Saharan Africa. Its subsidiary banks outside of South Africa are required to maintain reserves at the central banks in their respective jurisdictions, based on the volume of customer deposits that these subsidiaries have. Mandatory reserves contribute to FirstRand Group's overall risk-weighted assets (RWA) at the consolidated level, consuming a level of capital that could otherwise have been deployed in productive assets.
*Contact information not provided at the time of disclosure*
ACCOUNTABILITY MECHANISM OF MIGA
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