South African Banker Alan Pullinger Gains 3.9 Million From Firstrand Stake

Alan Pullingers stake in FirstRand jumped by 3.91 million, recovering from earlier losses due to a strong rally in the companys shares.

FirstRands 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 companys shares over the past five weeks.

Pullinger, one of South Africas 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, Pullingers 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 lossesand then some.

FirstRand , which owns major brands like FNB, RMB, WesBank, and Aldermore, is a leader Africas 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 continents 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 Africas economy is stabilizing, along with better-than-expected results from banks across the sector.