Record of Approval on an Absence-of-Objection Basis - June 22, 2026 - Guarantees to FirstRand EMA Holdings

Jul 19, 2026

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Approval is granted on an absence-of-objection basis for guarantees issued on Monday, June 22, 2026, covering investments in First National Bank of Eswatini Limited, First National Bank Ghana Limited, First National Bank of Namibia Limited, and First National Bank Zambia Limited. The directors endorsed the President’s proposal to issue guarantees of up to USD 333.01 million relating to an equity investment of USD 350.54 million. The guarantees may run for up to three years to manage expropriation risk of funds held with host-country central banks.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages1

Reading Time3 min

Approval Summary

Covered Parties and Investments

Guarantee Amounts and Duration

Expropriation of Funds Risk

FAQs

What is being approved on an absence-of-objection basis?

The approval covers the issuance of guarantees for FirstRand EMA Holdings’ investments in specified First National Bank subsidiaries.

Which subsidiaries and countries are included in the guarantees?

The guarantees cover First National Bank of Eswatini, Ghana, Namibia, and Zambia, corresponding to investments in Eswatini, Ghana, Namibia, and Zambia.

What is the purpose and maximum duration of the guarantees?

They address risk of expropriation of funds related to reserves held by each subsidiary at its host country central bank, with a period of up to three years.

Jul 19, 2026

Upload by Violet