Investment Banking Tutorials
- Top Banks
- Top Banks in Australia
- Top 10 Banks in the United States of America
- Top Banks In Austria
- Top Banks In Bahrain
- Top Banks In Belgium
- Top Banks In Bermuda
- Top Banks In British Virgin Islands
- Top Banks In Brunei
- Top Banks In Canada
- Top Banks In Cayman Islands
- Top Banks In Denmark
- Top Banks In Finland
- Top Banks In France
- Top Banks In Germany
- Top Banks In Greenland
- Top Banks In Guernsey
- Top Banks In Ireland
- Top Banks In Isle of Man
- Top Banks In Japan
- Top Banks In Kuwait
- Top Banks In Liechtenstein
- Top Banks In Luxembourg
- Top Banks In Macau
- Top Banks In Norway
- Top Banks In Oman
- Top Banks in Pakistan
- Top Banks in Philippines
- Top Banks In Puerto Rico
- Top Banks In Qatar
- Top Banks In Saudi Arabia
- Banks in South Africa
- Top Banks In Singapore
- Top Banks In South Korea
- Top Banks In Sweden
- Top Banks In Switzerland
- Top Banks in UAE
- Top 10 Banks in United Arab Emirates
- Top Banks in United Kingdom
- Top Banks in USA
- Banks in Nigeria
- Top 10 Banks in Netherlands
- Top 10 Banks in Malta
- Investment Banking Basics (44+)
- Investment Banking Careers (25+)
- Investment Banking Firms (27+)
- Mergers and Acquisitions (45+)
- Cryptocurrency Basics (10+)
Overview of Banks in South Africa
South Africa is one of the great examples of the organized banking sector with a steady economic growth just like the United States and has various kinds of banks like Mutual Banks, Co-operative Banks, Foreign Banks, Private Banks including Commercial Banks, Merchant Banks and Other Banks operating therein with more than R5 Trillion assets. These banks in South Africa offer retail and commercial banking services along with merchant banking, investment banking and wealth management services across the globe.
Structure of Banks in South Africa
South Africa is a developing country but has a well-developed and sophisticated banking system which primarily helps to provide ease in doing businesses. Availability of efficient banking channels and wide banking networks make this country internationally feasible in providing global banking services and one can find a bunch of prominent regional, national and international banks effectively operating in South Africa. RAND is the currency of South Africa which signs as “R”.
The South African Reserve Bank is a Central Bank of the Republic of South Africa and it was established in 1921. It has a head office in Pretoria of South Africa. The primary purpose of the bank is to achieve and maintain price stability in the interest of balanced and sustainable economic growth of South Africa. Together with other institutes it also plays a pivotal role in ensuring financial stability within the country.
Top 10 Banks in South Africa
Based on the financial statements of various companies for the year ending 2017, we hereby discuss the details of Top 10 Banks in South Africa on the basis of their assets size;
#1. Standard Bank
The Standard Bank Group is the largest African banking group by total assets of around R2 Trillion (USD 153 Billion), with a market cap of approximately R310 Billion (USD 23 Billion), offering a range of banking and related financial services across sub-Saharan Africa. The Group has 155 years’ operating history in South Africa with headquarter located at Johannesburg and employs more than 54,000 people. The Group has produced strong financial results at the end of last financial year on 31st December 2017 like 14% growth in headline earnings to R26.3 Billion with 17.1% Return on Equity. The Group is operating globally and primarily provides services of a) Personal & Business Banking i.e. banking and other financial services to individual customers and small and medium enterprises in Africa. b) Corporate & Investment Banking services in, for and across Africa. c) Wealth Management Services to manage, grow and ensure the wealth of their customers and d) Other Banking Services.
4.9 (1,067 ratings)
FirstRand was created in its current form in 1998 through a merger of the Anglo American Corporation of South Africa Limited and RMB Holdings(RMBH). It was headquartered in Johannesburg, South Africa and employs more than 44,000 people. It is the second largest banks in South Africa by total assets of around R1.2 Trillion (USD 92 Billion). FirstRand’s portfolio of integrated financial services businesses comprises FNB, RMB, Aldermore and Ashburton Investments. The Group operates in South Africa, certain markets in sub-Saharan Africa and the UK, and offers a universal set of transactional, lending, investment, and insurance products and services. The Group has accomplished the total comprehensive income of R28.79 Billion for the year ending as on 30th June 2018 i.e. 19% rise from the previous year and 23% as Return on Equity.
#3. Barclays Africa Group Limited
It is formerly known as ABSA Group Limited. Barclays Africa Group Limited is the financial services provider in Africa offering personal and business banking, corporate and investment banking, wealth and investment management services. It is a wholly-owned subsidiary of Barclays and it’s having headquarter in Johannesburg, South Africa and also employs more than 39,000 people. It is the third largest banks in South Africa by total assets of around R1.1 Trillion (USD 85 Billion) as of 2017.
It is one of the largest Banks in South Africa with Market Capitalisation of R128 Billion as on 31st December 2017. They offer a wide range of wholesale and retail banking services, a growing insurance, assets management, and wealth management services in 39 countries around the world through its 2000 plus branches and employs more than 31,000 employees. It’s headquarter is located at Sandton, South Africa. It has total assets of around R892 Billion (USD 69 Billion) as of 2017 and comes on the fourth rank.
Investec is an international specialist banking & asset management firm. It provides a range of financial products and services including investment, assets and wealth management, retail, corporate, investment banking to the clients’ base in Europe, Africa, and Asia-Pacific. It was headquartered in Johannesburg, South Africa and 8,200 people are employed by the company worldwide. It is a first South African company who list in both London and Johannesburg Stock Exchanges. It has total assets of around R415 Billion (USD 32 Billion) as of 2017
Capitec is a retail bank in South Africa having headquarter in Western Cape and operating through 800 retail branches nationwide with 9.9 Million active clients. Near about 11,400 employees are working with the bank. It has total assets of around R87 Billion (USD 6.7 Billion). The company also provide commercial and investment banking activities in Africa and as per audited financial statements of 2018, the headline earnings are up 18% to R4.46 Billion and Return on Equity is 27%.
#7. African Bank
African Bank Limited is private sector financial service provider retail bank offering a wide range of products and services to the consumers of South Africa including loans, investment, debit, and credit card services. It is a subsidiary company of African Bank Holdings’ Limited. It’s headquarter is located at Johannesburg, South Africa. African Bank Limited has total assets of around R32 Billion (USD 2.5 Billion) and gross earnings of R5.7 Billion as on 31st September 2017.
#8. Grindrod Bank
It is a private sector commercial bank in South Africa licensed as a “Locally Controlled Financial Institution” by the Reserve Bank of South Africa. It was founded in 1994 and has offices at Johannesburg, Durban, Cape Town and Pretoria of South Africa. Grindrod Bank primarily provides corporate finance, investment banking, corporate lending, deposit and property related products and services to private, corporate and institutional clients. The Bank has total assets of around R16.68 Billion (USD 1.3 Billion) as on 31st December 2017.
#9. Mercantile Bank
Mercantile Bank is a commercial bank founded in 1965 and having it’s headquartered in Sandown, South Africa. It is a fully owned subsidiary company of Mercantile Bank Holdings Limited. Mercantile Bank Holdings Limited is a bank controlling an investment holding company with (100%) vesting in its Portuguese parent company, Caixa Geral de Depositos (“CGD”). Mercantile Bank provides a wide range of international and local banking services to the business community with a segment focus on the Portuguese market, whereas bank’s main focus is on business, commercial and alliance banking activities. The Bank has total assets of around R12.8 Billion (USD 984 Million) as on 31st December 2017.
#10. Bidvest Bank
Bidvest Bank is a private sector commercial bank in the Republic of South Africa licensed as a “Locally Controlled Financial Institution” by the Reserve Bank of South Africa. It was founded in 1998 and having the head office at Johannesburg of South Africa. The bank is a 100% subsidiary of its parent company, Bidvest Group Limited, a South African-based International business conglomerate. The bank focuses on providing various retail banking products across South Africa. The total assets position of the bank is increased by 13% to R7.8 Billion (around USD 600 Million) as on June 2017.
We hope you liked this guide to top Banks in South Africa. If you are looking forward to making a career in Banking, then you can check out some of the awesome resources –