Reserve Bank, the national banking regulator. The group has subsidiaries in South Africa and in the countries of Botswana, Mozambique, Namibia, Lesotho, Tanzania, Ghana, Zambia, Nigeria and the UK. In November 2012, the Central Bank of Nigeria issued the first merchant banking licences in more than a decade to RMB Nigeria and another local firm. Member companies FirstRand Group holds its investments through five main subsidiaries. These subsidiaries and their subsidiaries are therefore are members of the FirstRand Group include, but are not limited to the following: FirstRand Bank Limited –South Africa – provides a comprehensive range of retail, commercial, corporate and investment banking services in South Africa and offers niche products in certain international markets. : FirstRand Bank has three major divisions which are separately branded, i.e.: First National Bank – FNB is the retail and commercial bank division of FirstRand Bank. Rand Merchant Bank – RMB is the corporate and investment division of FirstRand Bank. WesBank – Is the installment finance division of FirstRand Bank. WesBank is South Africa's largest provider of loans for cars. In addition to the three divisions, FirstRand Bank has branches in London, India and Guernsey, and representative offices in Kenya, Angola, Dubai and Shanghai. FirstRand Investment Holdings Proprietary Limited (FREMA) – 100% Shareholding – South Africa – A holding company for FirstRand Group's financial services companies in the rest of Africa and other emerging markets. Subsidiaries held through FREMA include: FirstRand International (Mauritius) – 100% Shareholding – Mauritius – A holding company for African investments. First National Bank Botswana Limited – 69% Shareholding – Botswana – A commercial bank providing retail and corporate banking. The bank is listed on the Botswana Stock Exchange. First National Bank of Ghana Limited – 100% Shareholding – Ghana – A commercial bank providing retail and corporate banking. First National Bank Lesotho Limited – 100% Shareholding – Lesotho – A commercial bank providing retail and corporate banking. First National Bank Mozambique Limited – 90% Shareholding – Mozambique – A commercial bank providing retail and corporate banking. First National Bank Namibia Limited – 58% Shareholding – Namibia – A commercial bank providing retail and corporate banking. The bank is listed on the Namibia Stock Exchange. OUTsurance Namibia – 51% Shareholding – Namibia – An insurance company in Namibia. Held through First National Bank Namibia giving the group overall control of 30%. OUTsurance Holdings holds 49% of the venture. First