ShapeShifter, Evergreen Content

How RMB went from 'too poor to buy a photocopier' to the largest bank in SA

(These interviews form part of the Solutionist Thinking podcast series. Click here for more.)

The Money Show’s Bruce Whitfield sat down with GT Ferreira, Laurie Dippenaar and Paul Harris, the inspirational founders of Rand Merchant Bank (RMB).

“The Three Musketeers” opened up about their four-decades-long successful partnership.

When Harris, Dippenaar and Ferreira founded RMB in June of 1977 they had no idea that it would become a multi-billion rand behemoth.

Legend has it that – before it became South Africa’s largest bank (and shareholder of Momentum, OUTsurance and Discovery Health) – the founders stayed fit by running downstairs to make copies as the business had no money to buy its own machine!

Why the partnership succeeded

Ferreira, Dippenaar and Harris believe their value systems, complementary talents and beliefs around culture formed part of what tied them firmly together.

They proactively managed and invested in the culture of FirstRand.

We realised that this was very important and we realised that the value system and the culture of the organisation was probably its most important asset.

Paul Harris, founder at Rand Merchant Bank

When an opportunity to buy FNB presented itself, RMB had no money.

The trio used shares in their company to buy the bank, and the rest is history.

A reverse takeover is probably the most underestimated or underrated strategy, where you let somebody else take you over in exchange of shares but you actually become the majority shareholder.

GT Ferreira, founder at Rand Merchant Bank

In the beginning, there was much resistance to change.

It took ten years to adapt the culture of FNB to more of a FirstRand culture.

Bruce Whitfield, The Money Show

RMB has successfully navigated financial crises, rejection and disappointment on the road to phenomenal success.

For more detail listen to the interviews in the audio below.

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
South Africa can have cheap electricity, forever! – former Eskom engineer

South Africa can have cheap electricity, forever! – former Eskom engineer

The Money Show’s Bruce Whitfield interviews Dr Tobias Bischof-Niemz, CEO at ENERTRAG South Africa.

'Drop shipping' - the shady side of connecting buyers with sellers on the web

'Drop shipping' - the shady side of connecting buyers with sellers on the web

The web was supposed to connect buyers to sellers, but not like this.

Meet Sandile Shabalala, CEO of black-owned and controlled TymeBank

Meet Sandile Shabalala, CEO of black-owned and controlled TymeBank

TymeBank has no branches and no monthly fees. Most transactions are free. Bruce Whitfield interviews its CEO.

Buying a used car? New app sends mechanic to inspect it before you decide

Buying a used car? New app sends mechanic to inspect it before you decide

Hanru Reyneke is on a mission to disrupt the used-car industry in South Africa by providing peace of mind to punchdrunk consumers.

How to get off the Eskom grid

How to get off the Eskom grid

Homes and businesses… Grahame Cruickshanks (Green Building Council SA) offers advice on freeing yourself from Eskom.

Billionaire gives away R100 billion, leaving only 0.0002% of fortune for himself

Billionaire gives away R100 billion, leaving only 0.0002% of fortune for himself

You've probably never heard of Chuck Feeney. Nevertheless, he’s one of the strangest, most impactful people who has ever lived.

Popular articles
Eskom: WhatsApp message about Thursday 'blackout' is fake news

Eskom: WhatsApp message about Thursday 'blackout' is fake news

Eskom's head of generation, Andrew Etzinger, says the WhatsApp message doing the rounds about a blackout is misinformation.

What are the rules and regulations when it comes to owning a generator?

What are the rules and regulations when it comes to owning a generator?

A listener on the Afternoon Drive has shared his frustrations with a neighbor's noisy generator and the health risks it posed.

SA second most stressed nation in the world - Here's what you can do about it

SA second most stressed nation in the world - Here's what you can do about it

Health and Performance Educator and Consultant, Richard Sutton discusses methods for de-stressing.

Distraught caller describes harrowing experience on Baden Powell Drive

Distraught caller describes harrowing experience on Baden Powell Drive

A CapeTalk caller explained to Lester Kiewit how he went through flames and over rocks, and debris to escape his car being stoned.

What's next with Jacob Zuma's corruption charges trial?

What's next with Jacob Zuma's corruption charges trial?

Investigative journalist, Karyn Maughan, reflects on a year since charges against former President Jacob Zuma were reinstated.

Here's how to check your load shedding schedule in Cape Town

Here's how to check your load shedding schedule in Cape Town

Eskom has warned that more power cuts can be expected as maintenance continues over the next twelve months.