RMB appoints new CEO

Johannesburg - FirstRand announced on Friday that James Formby has been appointed chief executive of Rand Merchant Bank (RMB), a division of FirstRand Bank.

Formby will take over from current chief executive Alan Pullinger on October 1 when Pullinger becomes FirstRand group deputy chief executive on September 30. Formby will become RMB deputy chief executive with immediate effect to ensure a smooth handover.

Formby has been with RMB since 1997 when he started as a transactor in corporate finance. He was appointed deputy head of the investment banking division in 2009.

Most recently, he has been head of coverage and also a member of the management and proprietary boards, playing an important role in the successful execution of RMB’s broader client-focused corporate and investment banking strategy.  

Formby matriculated at St John’s College in Johannesburg and studied accounting at the University of Cape Town, after which he completed his articles at Deloitte & Touche.

“As the new chief executive of RMB, I aim to continue to build our franchise as a leading African corporate and investment bank,” said Formby.

Pullinger has been RMB chief executive since 2008, having joined the bank in 1998.