South Africa’s RMB holdings expands its operations to India

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Rand Merchant Bank (RMB) has expanded its operations to India, as part of efforts to support its clients globally.

The expansion will help the bank headquartered in South Africa diversify into different markets and tap the opportunities in the Indian economy.

The Head of Investment Banking, Rand Merchant Bank Nigeria (RMBN), Dalu Ajene, who disclosed the development at the Indian professional forum dinner held in Lagos, said the decision to expand to India was an important and valued proposition for both countries considering the recently signed bilateral trade agreement.

Ajene said RMB would leverage on the opportunity by engaging significant businesses that have operations in Nigeria and also interact with India either through trade, capital flows or partnership, to foster the success of the trade. He explained that “capital formation and business success is very key to grow value proposition for a bank like RMB”.

Speaking on government policy that mandates financial institutions to contribute 10 percent of its profit before tax to the national housing fund, Ajene said “it is a very interesting way by the government to address the housing shortfall that exists in Nigeria, as long as it bridges the funding gap in terms of people being able to afford houses and also being able to get effective cost financing to acquire those houses”.

He added that RMB as a bank remains committed to partnering with and is looking forward to working with the government on bridging the housing gap in Nigeria.

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