FirstRand bank to start retail banking in India; looks for creative and media partner

South Africa's FirstRand, already operational in India, will open its first retail branch in Mumbai, in December 2011.

South Africa's FirstRand bank is looking for a creative and media partner for its retail banking arm. The bank plans to start the retail banking business in India, in December. It is planning to set up full retail and commercial banking capabilities in the country.

The marketing budget for the bank's retail arm for this financial year is slated to be over Rs 7-8 crore. The bank is known to have approached a few top creative agencies in Mumbai.

FirstRand Bank India is a branch of FirstRand Banking Group, South Africa. The group is a known financial services player in Africa. The company claims that it is the first bank from the African continent to be granted a full-scale commercial banking license in India. In fact, the bank has commenced its banking operations in India since April 2009, and currently, has one branch in Churchgate (Mumbai).

After starting the retail banking business in India, FirstRand will become the first African bank to offer retail banking services in the country.

FirstRand Bank, together with its subsidiaries, provides merchant banking, corporate banking, installment finance, retail banking, property finance, and private banking services.