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
Western Cape has the most 'clean' municipalities in South Africa

Western Cape has the most 'clean' municipalities in South Africa

Only 18 municipalities (out of 257) got a clean audit. Twelve of them are in the Western Cape, says auditor-general Kimi Makwetu.

Datsun Go is the cheapest car to maintain in South Africa

Datsun Go is the cheapest car to maintain in South Africa

The Toyota Etios has the cheapest "crash parts". The Money Show's Bruce Whitfield interviews consumer journalist Wendy Knowler.

Space weather: sunny with a chance of destruction

Space weather: sunny with a chance of destruction

Solar activity could result in a rare and improbable event which could send civilisation back to the dark ages.

TymeBank CEO Sandile Shabalala quits

TymeBank CEO Sandile Shabalala quits

Shabalala says he wants to spend more time with his family. Bruce Whitfield interviews portfolio manager Kokkie Kooyman (Denker).

Average salary in SA is R6400 per month, but 70% of workers earn less

Average salary in SA is R6400 per month, but 70% of workers earn less

About 29% of workers earn less than the R3500 national minimum wage, says Anish Shivdasani, CEO at Giraffe.

9 tough questions you should never be afraid to ask your financial advisor

9 tough questions you should never be afraid to ask your financial advisor

Times are tough. Don’t spare her feelings! You must ask these questions of your advisor, implores Galileo Capital's Warren Ingram.

Popular articles
Datsun Go is the cheapest car to maintain in South Africa

Datsun Go is the cheapest car to maintain in South Africa

The Toyota Etios has the cheapest "crash parts". The Money Show's Bruce Whitfield interviews consumer journalist Wendy Knowler.

'Domestic workers are entitled to 21 consecutive days of paid annual leave'

'Domestic workers are entitled to 21 consecutive days of paid annual leave'

Socio-Economic Rights Institute's Kelebogile Khunou says for living-in workers you cannot deduct more than 10% for accommodation.

The EFF is behaving like Zodwa Wabantu in Parliament, caller tells Eusebius

The EFF is behaving like Zodwa Wabantu in Parliament, caller tells Eusebius

702 listeners on the Eusebius McKaiser show share their views on the conduct of the political parties during the Sona debate.

[WATCH] SA youth choir shines on America's Got Talent with 'My African Dream'

[WATCH] SA youth choir shines on America's Got Talent with 'My African Dream'

The Ndlovu Youth Choir's beautiful performance got 4 yesses from the judges, including Simon Cowell!

TymeBank CEO Sandile Shabalala quits

TymeBank CEO Sandile Shabalala quits

Shabalala says he wants to spend more time with his family. Bruce Whitfield interviews portfolio manager Kokkie Kooyman (Denker).

Average salary in SA is R6400 per month, but 70% of workers earn less

Average salary in SA is R6400 per month, but 70% of workers earn less

About 29% of workers earn less than the R3500 national minimum wage, says Anish Shivdasani, CEO at Giraffe.

Discovery Health acted illegally and a patient died - Medical law consultant

Discovery Health acted illegally and a patient died - Medical law consultant

Shafrudeen Amod from Medisyn Clinical Consulting says the scheme could have paid the patient directly.

Investec gives staff unlimited leave days and freedom to wear what they want

Investec gives staff unlimited leave days and freedom to wear what they want

The bank rewards innovation with substantial bonuses and pays according to output not hours at work, says Lesley-Anne Gatter.