South African banker Alan Pullinger loses $3 million as FirstRand shares dip

Feyisayo Ajayi -

Amid market turbulence, South African banker Alan Pullinger is facing substantial losses in his investment portfolio. While some banking executives are weathering the storm, Pullinger has seen millions of dollars shaved off his holdings.

Since the beginning of the year, the market value of Pullinger’s stake in FirstRand, one of South Africa’s leading financial groups, has declined by R56.8 million ($3.03 million). This comes in the wake of persistent selling pressures among investors on the Johannesburg Stock Exchange (JSE), driving a significant downturn in FirstRand shares.

FirstRand’s position and Pullinger’s stake

FirstRand, renowned for its diverse financial services portfolio encompassing FNB, RMB, WesBank, and Aldermore, maintains active operations not only in South Africa but also in the UK and regional markets across Sub-Saharan Africa. With its established presence, the group has solidified its position as a major player in the industry.

As one of South Africa’s leading banking executives, Pullinger owns a minority stake of approximately 0.1 percent in FirstRand, equivalent to 5,634,679 shares. Despite holding a relatively small percentage, Pullinger’s investment places him prominently among the high-value investors on the JSE.

FirstRand shares plummet 13.71 percent on JSE: Market cap dips below $19 billion

FirstRand shares on the JSE have declined by 13.71 since Jan. 1, falling from R73.51 ($3.918) to R63.43 ($3.379) at the time of drafting this report, causing the group’s market capitalization to fall below $19 billion.

Amid the recent market volatility, the market value of Pullinger’s stake has witnessed a stark decline of R56.8 million ($3.03 million) since the start of the year. This translates to a decrease from R414.21 million ($22.08 million) on January 1 to R357.41 million ($19.05 million) presently.

Despite this setback, Pullinger remains a prominent figure in South Africa’s financial services sector, showcasing resilience amid market challenges and maintaining a notable presence among high-value investors on the JSE.