RMI was unbundled in March 2011 from RMH, a group with a successful 28-year history of investments in outperforming financial services assets.
RMH positioned itself as the shareholder of influence in prominent businesses such as FirstRand, including its financial services franchises RMB, WesBank and FNB, as well as other standalone businesses such as Momentum, Discovery and OUTsurance. Today, the founders are still an important shareholder grouping, with a 10% shareholding. They are active on our board and investment committee.
RMI’s predecessor, RMH, founded by GT Ferreira, Laurie Dippenaar and Paul Harris. The vision, drive and complementary strengths of this trio created one of South Africa’s leading investment banks and one of South Africa’s most powerful brands.
Over the years there has been a strong relationship between the founders and Remgro. In 1985 RMB was headed by Johann Rupert, the founder of Remgro. In a transaction in September 1985 the businesses of Rand Consolidated Investments and RMB were merged to form RMH.
RMH registered as a bank-controlling company.
Discovery formally launched
R100 million exceeded
Global Resorts formed
R250 million exceeded
FirstRand formed through the purchase of First National Bank and Southern Life
OUTsurance launched when there was hardly any direct
Discovery lists on the JSE
R500 million exceeded
R1 billion exceeded
Global Resorts sold
R2 billion exceeded
R1.2 billion returned to shareholders
R4 billion exceeded
Discovery unbundled from FirstRand, RMH invests in direct stake in Discovery
FirstRand’s wholly-owned subsidiary, Momentum, merged with Metropolitan to form South Africa’s third largest assurer, MMI Holdings. Royal Bafokeng Holdings introduced as RMH’s black empowerment shareholder.