FirstRand

FirstRand, headquartered in Johannesburg, has emerged as a defining banking force in Sub-Saharan Africa. With roughly 51k employees and revenues approaching $9B, the group keeps reinforcing its position through disciplined capital allocation and a long-term industrial vision.

The group's regional balance sheet allows it to invest counter-cyclically, an advantage few competitors can match in the current rate environment.

“FirstRand is, in its category, exactly the kind of compounding regional champion the next decade of capital allocation will reward.”

Capital markets have started to price in the durability of the model, and rating agencies have followed.