FirstRand Ltd. (the group) is listed on the Johannesburg Stock Exchange and the Namibian Stock Exchange. On the other hand, FirstRand Bank Limited (FRB) is a wholly owned subsidiary of FirstRand Limited. FRB is the primary debt-issuing/originating entity in the group and intends to issue/originate thematic instruments under this framework. It is the second-largest bank in South Africa by total assets, accounting for more than 20% of the domestic banking system.