 | |
| RMH | |
| Company type | Public |
| JSE:RMH | |
| Industry | Banking andfinance |
| Founded | 1987; 38 years ago (1987) |
| Headquarters | Sandton,South Africa |
Key people | Gerrit Ferreira (chairman) |
 ZAR: 7.78 billion (2015)[1] | |
| Total assets | ZAR: 36.52 billion (2015) |
| Total equity | ZAR: 35.17 billion (2015) |
| Website | rmh |
RMH (officiallyRMB Holdings Limited) is aSouth African diversifiedfinancial servicesholding company.[2]
RMH is listed on theJSE, and is headquartered inSandton,South Africa.
RMH traces its roots from Rand Consolidated Investments (RCI) and Rand Merchant Bank, which were founded in 1977 and 1968 respectively. RCI was co-founded by Paul Harris,Gerrit Ferreira andLauritz Dippenaar.[3]
The company's objective was to offer leveraged leasing and off-balance-sheet financing to businesses. RCI failed to secure a banking licence; this led to the firm joining forces withJohann Rupert's Rand Merchant Bank in 1985.[4] The newly created entity took up the Rand Merchant Bank name.[5]
In 1987, RMH was found as the holding company for the expandingRand Merchant Bank.[6] RMH was listed through areverse listing when it took control of Momentum Life on 1 July 1992.[5][7] RMH acquired 30% and 28.7% stake in Momentum Life fromABSA andRemgro respectively.
RMH also transferred its entire stake in Rand Merchant Bank to Momentum, thereby increasing its stake in Momentum Life to 76.4%.[8] In the same year, the group foundedDiscovery Limited along withAdrian Gore as a subsidiary of Momentum Life.[9]
On February 28, 1998 the group founded OUTsurance, a short-term insurance company.[10] In April 1998, RMH entered into an agreement with Anglo American Corporation of South Africa (nowAnglo American plc) to merge their financial services into a unified group.[11]
This merger gave rise toFirst Rand, which was listed on the Johannesburg Stock Exchange on May 25, 1998, with Anglo American and RMH owning 20.43% and 25.03% of the authorized capital of FirstRand respectively.[12] FirstRand had two main subsidiaries, FirstRand Bank and FirstRand Insurance, holding banking and insurance investments respectively.[11]
On March 31, 2010, Momentum merged with Metropolitan Holdings to formMMI Holdings. This followed an agreement between the boards of Metropolitan Holdings, First Rand and Momentum Group.[13]
In March 2011, RMH, Remgro and FirstRand entered into an agreement to restructure their insurance assets. This was done byspanning off their entire insurance portfolios (i.e. MMI Holdings, Discovery Limited, OUTsurance and RMB-SI Investments) toRMI Holdings, a wholly owned subsidiary of RMH and subsequentlyunbundling the entire shareholding in RMI Holdings to their shareholders.[14]
This restructure was completed on 7 March 2011.[15] The shares of RMIH started trading at the JSE on the same day.[16] RMB Structured Insurance Limited[17]underwrites customer policy benefits forPrime Meridian Direct (Pty) Ltd.[18]
After the RMI Holdings spin-off, the firm remained as a bank holding company.[1]
RMH's investment include:[19]
RMH previously held a 34.1% stake inFirstRand, which it unbundled to its shareholders in June 2020. This left the holding company with its property portfolio listed above as its only investments.[20] Its stock is listed on theJSE and theNamibian Stock Exchange.[11]
The shares of RMH are listed on the JSE. As of June 2015[update] the shareholding of RMH was as follows:[1]
| Rank | Name of owner | Percentage ownership |
|---|---|---|
| 1 | Financial Securities Limited (Remgro) | 28.2 |
| 2 | Royal Bafokeng Holdings Proprietary Limited | 15.0 |
| 3 | Public Investment Corporation | 10.0 |
| 4 | LL Dippenaar | 5.3 |
| 5 | Other local and international investors | 41.5 |
| Total | 100.00 |
RMH is governed by a 16-person board of directors, with Gerrit Thomas Ferreira as the chairman of the board. This structure is similar to that of RMI Holdings since the two firms share their management team and resources under a management contract.[21]
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