MEDIA RELEASE

19 August 2021

Global, Emerging and African Banking Expert Stuart Hulks, appointed as RMB’s Global Head of Insurance and Export Credit Agency

RMB, a division of FirstRand Bank Ltd, has appointed Stuart Hulks as Head of its Insurance and Export Credit Agency (ECA). Hulks will be responsible for driving the group’s insurance placement and ECA strategy, continue to build a center of excellence for these capabilities and lead the team to greater successes. He will assume the role from 9 November 2021 and be based in London.

Hulks is a well-recognised face in global banking, with a long tenure of service complementing a well-liked personality. He brings 28 years’ experience to the role, with a proven track record of building new business capabilities from the ground up. His skills in growing an insurance capability as a risk mitigation tool within banking and his depth of relationships in the market are highly valued as the RMB and FirstRand Group continue their focus on growth in Africa.

In support of this, Hulks adds: “For many private market insurers and public ECA’s alike, the African continent remains an unfamiliar landscape and one where a trusted partner who operates and is present across Africa is key in order to give private and public market partners the confidence to support transactions across the various regions and sectors within which RMB and the FirstRand Group operate. Developing a solid track record with these partners founded on a consistent approach and transparency around risk and the strategic rationale for doing the transactions that RMB and FirstRand Group support is paramount. It is this transparent approach that we will be building upon to continue to develop private and public partner support across RMB and FirstRand Groups transaction capability within Investment Banking, Global Markets, Trade Finance and beyond.”

This experienced level of experienced leadership is important to RMB and its clients. As a bank focused on the African market, insurance and ECA are critical enablers in the African financing context. Liquidity to finance growth and key infrastructure development on the continent remains vital, especially in light of the impact of COVID-19. The role of these risk mitigation/ credit support offerings is highly relevant in this regard.

At RMB we view the private and public insurance market and ECA providers as key stakeholders and partners in meeting our clients’ needs. The private insurance market is continually evolving and holds exciting possibilities for partnership. Beyond private market insurance, DFI’s are set to remain a key enabler for sovereign and sub-sovereign transactions where developmental mandates are met.

The potential for ECA remains significant. In the past financial year, we noted c.USD34bn of ECA-backed financings on the continent. This trajectory is set to continue. ECA funding, especially in Africa, is critical to support bank funding where risk appetite often remains limited. We are witnessing ECA mandates expand to trade activities and ECIC-supported transactions remaining critical for our South African clients who are exporters of CAPEX and services. To act on these opportunities requires specialist support and experienced leadership.

Hulks concludes: “There remain a select few institutions able to offer private and public partners the asset diversity that RMB and the FirstRand Group has to offer from its origination capability across the continent and to the market and I am very excited at the opportunity to lead such a talented team in becoming the market leader and key go to African partner of choice for both private and public partners alike.”

End

Contact:

Kate Kelly l RMB l kate.kelly@rmb.co.za

RMB is a leading African Corporate and Investment Bank.

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