ShapeShifter, The Money Show with Bruce Whitfield

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
Standard Bank is closing 104 branches. How far to your nearest surviving one?

Standard Bank is closing 104 branches. How far to your nearest surviving one?

Spare a thought for Sutherlanders – they now must drive 260 kilometres to Laingsburg, says Business Insider’s Phillip de Wet.

Ace Magashule's ANC wants to 'explore' the printing of money

Ace Magashule's ANC wants to 'explore' the printing of money

Bruce Whitfield interviews Sarb Governor Lesetja Kganyago, Peter Attard Montalto (Intellidex) and Mpumelelo Mkhabela (Unisa).

[EXPOSED] Tips made with cards often don't end up in waiters' pockets

[EXPOSED] Tips made with cards often don't end up in waiters' pockets

You may want to start tipping your waiter in cash. Consumer journalist Wendy Knowler on how restaurants abuse their employees.

Lagos to become the world’s largest city with a population of 100 million

Lagos to become the world’s largest city with a population of 100 million

Lagos - home to 22 million people – is suffering an extreme housing shortage. Bruce Whitfield interviews Lee Kasumba.

South Africans are getting poorer and poorer at an increasing rate

South Africans are getting poorer and poorer at an increasing rate

Bruce Whitfield interviews Mike Schussler (Economists.Co.Za), Busisiwe Radebe (Nedbank) and Edward Kieswetter (Sars).

13 tips for saving hundreds (nay, thousands!) of rands each month

13 tips for saving hundreds (nay, thousands!) of rands each month

The economy is toast. Personal finance expert Warren Ingram shares 13 highly effective tips for making ends meet.

Popular articles
You made a huge mistake downloading FaceApp if your privacy is important to you

You made a huge mistake downloading FaceApp if your privacy is important to you

Washington Post technology columnist Geoffrey A. Fowler did a forensic analysis of the Russia-based app. Check it out.

Woolworths (at R40 a cup!) makes the best takeaway hot chocolate in South Africa

Woolworths (at R40 a cup!) makes the best takeaway hot chocolate in South Africa

Seattle Coffee Company has the worst takeaway hot chocolate in the country, according to, uhm, "research" by Chaos Theory.

Old Mutual and Trevor Manuel are victimising Peter Moyo - Advocate Dali Mpofu

Old Mutual and Trevor Manuel are victimising Peter Moyo - Advocate Dali Mpofu

The Money Show's Bruce Whitfield interviews TJ Strydom, a journalist at Business Day and author of Christo Wiese’s biography.

How to buy a new car even if you don’t really have enough money for it

How to buy a new car even if you don’t really have enough money for it

South Africans are increasingly buying cars they can’t afford using balloon payments, says consumer journalist Wendy Knowler.

Need a loan to grow your small business? There’s a pot of money waiting

Need a loan to grow your small business? There’s a pot of money waiting

Spartan SME Finance provides finance for small businesses. Bruce Whitfield interviews its CEO, Kumaran Padayachee.

The rand isn't weak. It's the dollar that's strong. But it won't stay that way

The rand isn't weak. It's the dollar that's strong. But it won't stay that way

The rand is trading at fair value. It’s the US dollar that's overvalued. Bruce Whitfield interviews George Glynos (ETM Analytics).

Public Protector has now become a "rogue unit", says Judge Kriegler

Public Protector has now become a "rogue unit", says Judge Kriegler

Busisiwe Mkhwebane is reportedly probing President Cyril Ramaphosa for alleged money laundering to the tune of R400m.