Top List of Banks in South Africa
South Africa is endowed with a rich natural resource base and well-developed infrastructure. The country's institutions have put in place sound macroeconomic and microeconomic policies to facilitate development. South Africa is one of the four BRICS countries, hosting a variety of local and international banks. The country's banking industry has been watched closely in the past few years for its competitive advantages.
South Africa's financial sector, particularly its banking system, is the largest and most sophisticated. Its banking system is in a state of radical transition, with deregulation and the granting of operating licenses to emerging market banks bringing private sector growth to a previously dominant public sector. Here are some banks that are doing well in the country.
Nedbank
Nedbank Limited, previously known as Nedcor, is one of the four largest banking groups in South Africa, providing universal banking services headquartered in Johannesburg. It provides numerous products and services designed to meet the financial needs of consumers, retailers, and businesses throughout the country and in Namibia, Botswana, Swaziland, Mozambique, Malawi, and Lesotho. It was established in 1831 and now has branches of more than 870 and over 400 ATMs across the country and outside. Its net worth stand at ZAR 1.23 trillion (USD 80 billion)
Standard Bank of South Africa
The standard Bank of South Africa is the largest in the African continent. As one of the three leading banks, it drives the financial services industry south of the African continent, ensuring the facilitation and development of trade across different regions. It is regulated by the South African Reserve Bank, which also regulates all banking-related transactions and currency exchanges in South Africa.
As South Africa's largest banking group, Standard Bank operates through most of the continent and is combined with 20 other countries both in Africa and other continents. The group is also available in London, New York, and Hong Kong. Currently, it has more than 1200 branches and 8100 ATMs spread across the country and outside the country. Its assets as of 2020 were at ZAR 2,532 trillion (USD 164.86 trillion)
ABSA
ABSA is a bank based in South Africa and is a subsidiary of Barclays and Absa Group Limited. It operates primarily in South Africa, but it also has a presence in other African countries, including Botswana, Ghana, Zambia, Kenya, and Uganda. ABSA provides retail, business, corporate, and investment banking. In addition to its universal banking operations, the bank is active in various segments, including personal banking, small business banking, and private banking.
Currently, it is running several branches and ATMs across South Africa, with 27,000 staff across its branches. Its total assets sum up to ZAR 1.29 trillion (USD 12 billion)
FirstRand Bank Ltd
FirstRand Bank Limited is a South African-based financial services group offering a range of financial products and services in South Africa and selected countries in sub-Saharan Africa.
It offers a universal set of transaction banking, lending, investment, and insurance products and services. These products and services find expression through their banking, insurance, and financial markets businesses.
The group's registered head office is located in Sandton, Johannesburg, South Africa. Founded in 1966, FirstRand Bank is the second largest of the five banks in South Africa, with nearly 38,200 employees across its branches in the country. It reported an asset worth ZAR 1.7 trillion (USD 11 billion)
Bidvest Bank
Bidvest Bank is a commercial bank in South Africa that has been represented in the market for quite long. Its head office is located in Johannesburg. Bidvest Bank was established in the early 1990s to conduct cash management services. Since then, it has expanded its activities to include foreign exchange, financing, and transactional banking.
The bank specializes in foreign exchanges and offers financing, retail banking, and vehicle insurance. Currently, it has assets worth ZAR 9.4 trillion (USD 61 billion)
Grindrod
Grindrod Bank is an investment holding company listed on both the JSE and Namibian Stock Exchanges. The bank provides a variety of retail and business banking solutions in South Africa, including foreign exchange services and access to an extensive network of ATMs. The Grindrod Bank in Clive Derbyshire Road, Pinelands, has its own access road, Grindrod Place.
It provides private mezzanine financing, traditional mortgage financing, client lending, debtor financing,) private equity products and exchange-traded funds (ETFs). Currently, it has assets worth ZAR 23.60 billion.
Sasfin Bank
Sasfin Bank is a highly diversified financial services group listed on the JSE providing specialized banking, investment, and insurance solutions to selected corporate and institutional clients and high net worth individuals. Sasfin is owned 25% by Sasfin Holdings Limited and 75% by Sasfin employees through Syfrets Employee Share Trust.
The word "Sasfin" is an acronym for the South African Scottish Investment Finance Company founded in 1951. Sasfin's headquarters and main branch are in Braamfontein in Johannesburg. It provides business banking, wealth management, and personal banking services.
Safin's total assets are ZAR 12.56 billion (USD 820 million) as of 2020.
Investec Bank
Investec created a retail bank in both South Africa and the United Kingdom. Investec's South African private bank deals mainly with high net-worth individuals. It receives most of its deposits from its fine asset business, which has enjoyed rapid growth on the back of strong levels of deal flow, sustained high levels of equity markets, and continuing demand for property.
Investec mainly caters for government, and institutional clients, entrepreneurs, high net worth individuals, high-income professionals, corporates, owner-managers in mid-market companies, self-employed entrepreneurs, and investors. its total assets stand at ZAR 509.90 billion (USD 32.20 billion)
CapTech
Capitec Bank is a South African retail bank. The name Capitec is a combination of the words "client" and "technology." It's a universal bank providing transactional, credit, and savings products to persons with a total combined income of up to ZAR 4.59 billion.
It provides its clients with banking and lending products and saving and transactional products. Capitec Bank was established in 1980. Its total assets sum up to ZAR 156.29 trillion (USD 10.18 trillion)
FAQs
Which is the most popular bank in South Africa?
The big four banks (Standard Bank, Absa, Nedbank, and FirstRand) still have huge domination in South Africa, but the one which outlaws the with most clients and net income is the Standard bank. This bank manages many branches even to the interiors of South Africa, and it is trusted by most citizens living within and outside Africa for both mobile and ATM transactions.
