FIRSTRAND LIMITED - Approval for FirstRand to take transfer of clients, assets and liabilities and employees of HSBC South Africa

Approval for FirstRand to take transfer of clients, assets and liabilities and employees of HSBC South Africa

FIRSTRAND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1966/010753/06)
JSE share code: FSR; ISIN: ZAE000066304
NSX share code: FST
LEI: 529900XYOP8CUZU7R671
(FirstRand)

APPROVAL RECEIVED FOR FIRSTRAND TO TAKE TRANSFER OF CLIENTS, ASSETS AND
LIABILITIES AND EMPLOYEES OF HSBC SOUTH AFRICA BRANCH

Following on from the announcement on 26 September 2024, FirstRand Limited (FirstRand) can
confirm that regulatory approval has been received for the transaction whereby FirstRand will take
transfer of the clients, the banking assets and liabilities and the employees of HSBC's branch in
South Africa (HSBC South Africa).

The clients of HSBC South Africa are mainly subsidiaries of multinationals operating in South Africa
and some large domestic corporates, and therefore the transfer will be led and implemented by
FirstRand's corporate and investment (CIB) banking franchise, Rand Merchant Bank (RMB). This will
ensure that the transferred HSBC clients will have on-going access to corporate and investment
banking services in South Africa.

HSBC's multinational clients headquartered outside of South Africa can continue to have connectivity
through HSBC's global digital channels for account visibility and payment initiation for their South
Africa accounts once they have transferred to RMB. HSBC South Africa will service its branch clients
until the transfer of the business is completed.

Emrie Brown, Chief Executive Officer, RMB, said: "The transaction fits with RMB's strategy to scale
its corporate banking business and increase its share of multinational clients operating in South
Africa".

FirstRand will allocate the required capital to back the transferred risk weighted assets, which meets
the group's financial resources allocation principles. As previously guided, the impact of this
allocation on FirstRand Limited's CET1 ratio is not expected to exceed 20 bps.

The transaction is expected to be completed 31 October 2025.

Sandton
10 June 2025

Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)

Date: 10-06-2025 10:30:00
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