RMB Holdings traces its roots from Rand Consolidated Investments (RCI) and Rand Merchant Bank that were founded in 1977 and 1968 respectively. RCI was co-founded by Paul Harris, Gerrit Ferreira and Lauritz Dippenaar. Its objective was to offer leveraged leasing and off-balance-sheet financing to businesses. RCI failed to secure a banking licence, this led to the firm joining forces with Johann Rupert's Rand Merchant Bank in 1985. The newly created entity took up the Rand Merchant Bank name.
In March 2011, RMB Holdings, Remgro and FirstRand entered into an agreement to restructure their insurance assets. This was done by spanning off their entire insurance portfolios (i.e. MMI Holdings, Discovery Limited, OUTsurance and RMB-SI Investments) to RMI Holdings, a wholly owned subsidiary of RMB Holdings and subsequently unbundling the entire shareholding in RMI Holdings to their shareholders. This restructure was completed on 7 March 2011.