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RMB recognises the devastating impact that the global pandemic and lockdown has had on people’s livelihoods and on the broader economy. More than ever, we believe that we, as a strong, capable corporate entity, need to help build and contribute to South Africa’s economic resilience.
We are working hard to deliver sustainable solutions to help our clients, businesses and the citizens of South Africa navigate this crisis.
An economy-saving COVID-19 lockdown exit strategy
Our CEO, James Formby, believes that it’s important to carefully consider how to reopen the economy while protecting people’s lives. He suggests a gradual restart strategy to avoid irretrievable economic damage. Listen to his views on getting key industries back to work.
Trade for Solidarity
To make a meaningful contribution in the wake of the COVID-19 pandemic, the JSE contributed all trading, clearing and settlement revenue earned across all asset classes on 15 and 16 April to the Solidarity Fund. RMB Global Markets, via its Global Securities Services Division, is proud to partner with the JSE on the #Trade4Solidarity initiative. RMB donated trading and clearing fees over the same two days to the Solidarity Fund. This demonstrates how market participants gather – for good – to making a better world through business. So far over R2million has been raised through stockbroking revenue and other donations for the Solidarity Fund.
Executive salary contributions
FirstRand Executives and CEOs heeded the call of the President and have forgone 30% of their salaries for three months. The request from the President was a meaningful one. The proceeds will be directed to FirstRand’s SPIRE Fund which, together with the Solidarity Response Fund and other industry initiatives, is focused on accelerating South Africa’s COVID-19 critical care capacity, including the provision of protective equipment to healthcare workers.
Infrastructure spend now a “must do” for SA
South Africa is facing an icy economic winter which means that the country has little choice but to sharply increase spending on infrastructure to try get some growth going. Our CEO, James Formby, says that South Africa must urgently start mobilising the Infrastructure Fund to make a meaningful improvement to the economy. Listen to his thoughts about increasing infrastructure spend here.
Supporting the local manufacturing industry
To help grow our local economy during COVID-19, RMB is supporting the manufacturing industry from SMME’s through to larger corporates. For example, through SPIRE, we are supporting the local textile industry by ordering 2000 gowns from black women owned SMMEs and all non-surgical fabric face masks ordered, are locally manufactured. In our care for the frontline, all screens and visors are locally made and we have donated 100 full face diving masks to the Charlotte Maxeke Hospital. The pilot Maskathon initiative is also focused on reigniting local businesses across the Western Cape.
Reinvigorating the local textile industry
The journey to save lives and recover the economy post-COVID-19 starts with a single thread. SPIRE’s Maskathon project is engaging the local textile industry to manufacture cloth face masks that will be donated to vulnerable communities.
The Maskathon aims to leverage the power of corporate and commercial networks, through RMB and FNB, to part fund cloth masks through their own procurement; reinvigorate dormant textile and manufacturing businesses; create new opportunities for SMMEs and minimise the need for imports and maximise export opportunities by stimulating the production of cloth masks for South Africa by South Africans.
Maskathon initiatives are taking place in the Western Cape and KwaZulu-Natal.
Support for the media industry
In response to the current challenges facing the South Africa media industry, FirstRand and its operating businesses RMB, FNB, WesBank and Ashburton Investments have contributed half a million rand to assist journalists financially impacted by COVID-19, through the South African National Editors’ Forum (SANEF) Media Relief Fund.
The group believes that the media has played a vital role in ensuring that the nation is kept up to date on developments in the COVID-19 pandemic, through credible journalist and platforms. It has ensured that South African citizens have been reliably informed on the necessary measures to keep themselves and their loved ones safe.