SPLITTING AT THE SEAMS
IGNORING THE NINETIES omen that a change in head office can spell corporate disaster, FNB Homeloans and WesBank will move into a new R800m RMB Properties owned development north of Johannesburg in mid-2008.
The triple storey office complex will occupy approximately 74 000sq m. Building began in October 2005.
FNB head of personal banking Peet van der Walt says the decision to move the business units comes as the retail bank’s head office – Bank City, in downtown Johannesburg – is no longer able to cope with the number of employees than the FirstRand subsidiaries employ. Van der Walt says other FNB businesses would occupy the WesBank space.
RMB Properties is developing the site in Fairland on land owned by the Johannesburg City Council through the Johannesburg Property Company. It has bought the land on a lease premium – which effectively means that the land and the structure on it will revert to the council in 50 years’ time.
FNB Homeloans and WesBank (along with RMB Properties) are owned by the FirstRand Group and currently occupy about 10 different premises throughout Gauteng. It means that rental income that currently leaves the group will remain within the holding company in future.