National Bank Swaziland Limited – 100% Shareholding – Swaziland – A commercial bank providing retail and corporate banking. First National Bank Tanzania Limited – 100% Shareholding – Tanzania – A commercial bank providing retail and corporate banking. First National Bank Zambia Limited – 100% Shareholding – Zambia – A commercial bank providing retail and corporate banking. Rand Merchant Bank Nigeria – 100% – Shareholding – Nigeria – A corporate and investment bank in Nigeria. FirstRand International Limited (Guernsey) – 100% Shareholding – holding company for UK banking business: Aldermore Bank Plc – 100% Shareholding – UK specialist bank FirstRand Investment Holdings Proprietary Limited (FRIHL) – 100% Shareholding – South Africa – A holding company for FirstRand Group's other non-banking activities. Subsidiaries held through FRIHL include: Direct Axis SA (Pty) Ltd – 100% Shareholding – South Africa – A specialist financial services firm RMB Private Equity Holdings (Pty) Ltd – 96% Shareholding – South Africa RMB Private Equity (Pty) Ltd – 93% Shareholding – South Africa RMB Securities (Pty) Ltd – 100% Shareholding – South Africa RMB Morgan Stanley (Pty) Ltd – 50% Shareholding – South Africa – A joint venture with Morgan Stanley. RMB Australia Holdings Limited – 100% Shareholding – Australia – An investment bank in Australia. FirstRand Investment Management Holdings Limited – 100% Shareholding – South Africa – This is the holding company for the group's asset management activities. Ashburton Fund Managers (Pty) Limited – 100% Shareholding – South Africa Ashburton Investor Services (Pty) Limited – 100% Shareholding – South Africa Ashburton Management Company (Pty) Limited – 100% Shareholding – South Africa Ashburton Investments International Holdings Limited – 100% Shareholding – South Africa RMB CIS Management Company (Pty) Limited – 100% Shareholding – South Africa FirstRand Insurance Holdings (Pty) Ltd – 100% Shareholding – South Africa – This is the holding company for FirstRand's insurance businesses. Subsidiaries held through FirstRand Insurance Holdings include: FirstRand Life Assurance – 100% Shareholding – South Africa FirstRand Short-Term Insurance Limited – 100% Shareholding – South Africa FirstRand Insurance Services Company (FRISCOL) – 100% Shareholding – South Africa Ownership FirstRand is listed on the Johannesburg Stock Exchange and Namibian Stock Exchange. Its major shareholders include: 1→ RMB Holdings large shareholders include Directors and management of RMBH with 10.4%, Remgro with 28.2% shareholding in RMBH and Royal Bafokeng Holdings with a 15% stake in RMBH. 2→ Based on its direct and indirect shareholding in