South African banker Alan Pullinger gains $3.9 million from FirstRand stake

Key Points

• Alan Pullinger’s stake in FirstRand jumped by $3.91 million, recovering from earlier losses due to a strong rally in the company’s shares.
• FirstRand’s market cap topped $22 billion after the stock climbed from $3.46 to 4.01 on signs of economic recovery and strong earnings. 
• Despite recent gains, FirstRand remains down nearly 4% YTD, reflecting continued investor caution over inflation and global rate volatility.

Alan Pullinger, the multimillionaire South African banker and former CEO of FirstRand Limited, has seen the value of his stake in the group jump by $3.91 million, thanks to a strong rally in the company’s shares over the past five weeks.

Pullinger’s holdings surge after FirstRand rally

Pullinger, one of South Africa’s most respected banking executives, owns a 0.13-percent stake in FirstRand, equal to about 7.08 million shares. The rebound has pushed the value of his holdings from R445.27 million ($24.49 million) in early April to R516.34 million ($28.4 million), marking a sharp recovery after a rough start to the year.

Earlier in the year, Pullinger’s wealth had taken a hit, losing more than $2.2 million as FirstRand shares stumbled on the Johannesburg Stock Exchange (JSE). But the latest rally has helped him claw back those losses—and then some.

FirstRand’s share price surge sparks optimism

FirstRand, which owns major brands like FNB, RMB, WesBank, and Aldermore, is a leader Africa’s financial services sector. It also has a strong footprint in the UK and other parts of Sub-Saharan Africa, reinforcing its role as one of the continent’s leading financial groups.

Since Apr. 4, its shares on the JSE have increased from R62.9 ($3.46) to R72.52 ($3.99), lifting its market value to over $22 billion. Investors have been encouraged by signs that South Africa’s economy is stabilizing, along with better-than-expected results from banks across the sector.

Still some caution in the air

FirstRand shares are down 3.98 percent this year, despite recent gains, as inflation, weak credit growth, and uncertainty over global interest rates continue to impact sentiment. A $100,000 investment in FirstRand stock at the start of 2025 would now be worth about $96,020.

Analysts say the recent rebound in FirstRand’s share price reflects cautious optimism. Improving fundamentals, solid earnings forecasts, and renewed interest in JSE-listed financial stocks suggest the sector may be stabilizing.