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South Africa’s FirstRand to Pay Record Dividend, Eyes Expansion

  • Post-pandemic resurgence boosted results, lender says
  • CEO says bank is on the lookout for M&A opportunities
Updated on

FirstRand Ltd., South Africa’s biggest banking group by market value, will pay a record dividend to shareholders as the bank benefits from a post-pandemic resurgence.  

The company, which owns First National Bank, Rand Merchant Bank and Wesbank among others, said combined dividends will result in a total payout of 467 cents per share, the highest in the history of the group at 26.2 billion rand ($1.5 billion).