[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-112400-en":3,"doc-seo-112400-105":28,"detail-sidebar-cat-0-en-105":88},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":4,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":20,"language":21,"language_code":22,"site_id":23,"html_lang":22,"table_of_contents":24,"faqs":25,"seo_title":13,"seo_description":14,"update_tm":26,"read_time":27},112400,4398048950312,"Violet","https://ap-avatar.wpscdn.com/avatar/400002538284de19e3c?_k=1778320343897328908",8,"Research & Report","Record of Approval on an Absence-of-Objection Basis - June 22, 2026 - Guarantees to FirstRand EMA Holdings","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.","Public Disclosure Authorized Public Disclosure Authorized  \nThe following item has been approved on an Absence-of-Objection Basis  \non Monday, June 22, 2026  \nEswatini, Ghana, Namibia and Zambia  \nGuarantees to FirstRand EMA Holdings (Pty) Ltd for its 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  \nThe Board of Directors concurred with on June 22, 2026 the President’s proposal to issue FirstRand of the Republic of South Africa guarantees covering up to USD 333.01 million of its USD 350.54 million equity investment (including retained earnings) in the Subsidiaries (First National Bank of Eswatini Limited, First National Bank Ghana Limited, First National Bank of Namibia Limited, and First National Bank Zambia Limited) . The proposed guarantees would be provided for a period of up to three years to cover the risk of Expropriation of Funds (EoF) with respect to mandatory and voluntary reserves held by each Subsidiary at its respective host country central banks (the Projects) as set out in the Memorandum from the President and a report entitled“Eswatini, Ghana, Namibia and Zambia-Guarantees to FirstRand EMA Holdings (Pty) Ltd for its 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”(MIGA/R2026-0073, dated June 9, 2026) .","cbCaibnVY7kzSchY","https://ap.wps.com/l/cbCaibnVY7kzSchY","pdf",109769,1,"English","en",105,"# Approval Summary\n## Covered Parties and Investments\n## Guarantee Amounts and Duration\n## Expropriation of Funds Risk","[{\"question\":\"What is being approved on an absence-of-objection basis?\",\"answer\":\"The approval covers the issuance of guarantees for FirstRand EMA Holdings’ investments in specified First National Bank subsidiaries.\"},{\"question\":\"Which subsidiaries and countries are included in the guarantees?\",\"answer\":\"The guarantees cover First National Bank of Eswatini, Ghana, Namibia, and Zambia, corresponding to investments in Eswatini, Ghana, Namibia, and Zambia.\"},{\"question\":\"What is the purpose and maximum duration of the guarantees?\",\"answer\":\"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 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is being approved on an absence-of-objection basis?","Question",{"text":72,"@type":73},"The approval covers the issuance of guarantees for FirstRand EMA Holdings’ investments in specified First National Bank subsidiaries.","Answer",{"name":75,"@type":70,"acceptedAnswer":76},"Which subsidiaries and countries are included in the guarantees?",{"text":77,"@type":73},"The guarantees cover First National Bank of Eswatini, Ghana, Namibia, and Zambia, corresponding to investments in Eswatini, Ghana, Namibia, and Zambia.",{"name":79,"@type":70,"acceptedAnswer":80},"What is the purpose and maximum duration of the guarantees?",{"text":81,"@type":73},"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 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