RMB remains committed to its presence in India – it has successfully focused on facilitating trade and investment activity in the India-Africa corridor.
Since 1990, bilateral trade between India and Africa has flourished – particularly in the sub-Saharan African region. Countries like Nigeria, Angola, the DRC, Mauritius and Kenya continue to enjoy very strong export and import trade volumes with India.
FirstRand Bank established a branch in India (India Branch) in 2009
after obtaining a licence as a scheduled commercial bank from the
Reserve Bank of India (RBI). The India Branch, managed by RMB, was
also licensed to undertake financial advisory business through a
merchant banking licence from the Securities and Exchange Board of
Following a review of RMB’s India strategy in 2021, it was decided to
surrender the branch licence (this process is ongoing). RMB Capital
India Private Limited (RMB India) was established in 2022 to focus on
the investment banking offering in-country and in the India-Africa
corridor. This business will be run by the same experienced team
that ran the investment banking operations of the India Branch.
In one of the largest single investments by an Indian company in Africa, RMB acted as merchant bank, guarantee provider and FX counterparty for Cipla India's acquisition of 100% of Cipla Medpro South Africa.