RMB Solutionist Thinking
702-rmb-solutionists-podcasts-700x300-feature-header-the-foundersjpg

Solutionist Thinking: In Conversation with FirstRand's founders

Solutionist Thinking with RMB is a thirteen-episode podcast series hosted by Bruce Whitfield focusing on the great South African minds who are thinking differently and going against the norm. In this bonus episode, Whitfield interviews FirstRand founders, GT Ferreira, Laurie Dippenaar and Paul Harris.

Three Solutionist Thinkers in one episode, Bruce Whifield sits down with the Three Musketees of the banking world to uncover the secrets behind four decades of successful partnership.

When entrepreneurs, Paul Harris, Laurie Dippenaar and GT Ferreira opened the doors of Rand Merchant Bank in June of 1977 after Pat Goss had left to run his family's business – they had no idea that it would become what it is today, a multi-million rand enterprise built on a strong value system.

Started from humble beginnings – legend has it that before it became the largest bank in South Africa, the founders had to run downstairs to make copies because the business couldn't afford its own copy machine.

Today, its team has invested in over 40 businesses that include Momentum, OUTsurance and, Discovery Health over a period of 15 years.

But, what made the partnership work?

From the onset, the founders' realisation that their value systems, complementary talents and beliefs around culture formed part of what tied them closely together.

This realisation led to them proactively manage and invest 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, founding member of Rand Merchant Bank

In a unique turn of events, the founders were presented with an opportunity to takeover First National Bank but, without actual money to proceed with the purchase, the trio used the shares of their existing operations to secure the business.

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 majority shareholder.

GT Ferreira, founding member of Rand Merchant Bank

And, with any business takeover – resistance to change and adaption to new cultures became one of the main areas that needed to be addressed.

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

Bruce Whitfield, The Money Show

Their secret to success?

Together, their core beliefs and value system helped the trio weather storms that included financial crises, rejection and disappointments along the road to success.

Listen to the three founders of FirstRand in conversation with Bruce Whitfield, as they discuss their rise to success in the banking industry in the full episode of Solutionist Thinking with RMB.


Recommended

by NEWSROOM AI
Read More
Ermos Nicolaou: Solving problems in babies, even before they are born

Ermos Nicolaou: Solving problems in babies, even before they are born

Quite the unusual Solutionist Thinker, Professor Ermos Nicolaou solves problems that occur before babies are even born.

SA's digital footprint traces back to pioneer, Jason Xenopoulos

SA's digital footprint traces back to pioneer, Jason Xenopoulos

As one of the founding fathers of internet businesses in South Africa, Jason Xenopoulos’ digital rap sheet is longer than most.

Like her wines, this winemaker has flourished in some tough conditions

Like her wines, this winemaker has flourished in some tough conditions

When the story of the winemaker can add as much to wine, as the origin of the grape.

To this solutionist thinker, all-access means success

To this solutionist thinker, all-access means success

William Mapham pioneered Vula Mobile, the app that links healthcare workers with on-call medical and surgical specialists.

Meet the technologist disrupting the freight industry

Meet the technologist disrupting the freight industry

Meet Benji Coetzee, a tech disruptor transforming the face of the male-dominated freight transport industry.

There's a medal haul coming in Tokyo, if this coach has anything to do with it

There's a medal haul coming in Tokyo, if this coach has anything to do with it

Rowing coach Roger Barrow shares his love for winning - especially against better-resourced teams.

Popular articles
'Ramaphosa is an a spot of bother'

'Ramaphosa is an a spot of bother'

News24 editor-in-chief Adriaan Basson says the president's campaigners should never have asked Bosasa for a donation.

Mbube copywright: 'A lump sum of royalties would be paid to Linda family'

Mbube copywright: 'A lump sum of royalties would be paid to Linda family'

Spoor & Fisher consultant professor Owen Dean explains the outcome of the copyright infringement case against Disney.

[VIDEOS AND PHOTOS] SANDF troops finally roll into the Cape Flats

[VIDEOS AND PHOTOS] SANDF troops finally roll into the Cape Flats

Residents were out on the streets to watch the troops arriving in Manenberg and Hanover Park on Thursday afternoon.

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.

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.

[2018] Jesse Clegg (son of Johnny) opens up about money and growing up on tour

[2018] Jesse Clegg (son of Johnny) opens up about money and growing up on tour

[From the archives] Jesse Clegg talks about his famous father and attitude to money (hopes and fears, successes and failures...).

Investigators find serious corruption at EOH

Investigators find serious corruption at EOH

A probe found "suspicious transactions" worth R1.2bn, bribery and theft. Bruce Whitfield interviews EOH CEO Stephen Van Coller.

I decided to make this Rihanna song with my maskandi vision - Mbuzeni Mkhize

I decided to make this Rihanna song with my maskandi vision - Mbuzeni Mkhize

After South African star Mbuzeni Mkhize performed a remix of Rihanna's track 'Diamonds' she contacted him to collaborate with her.