Banks in South Africa

ABSA Firstrand Bank First National Bank Nedbank Standard Bank Wesbank
ABSA First Rand Group FNB Nedbank Standard Bank WesBank

Absa Bank – A leading South African bank with over 9 million retail and corporate customers. It operates as a subsidiary of Barclays Africa Group. As of October 6, 2017, it had a market capitalization of ZAR 3.5 billion.

African Bank – The commercial bank headquartered in Midrand. The company focuses on providing unsecured personal loans to residents of South Africa.

Al Baraka Bank – The pioneer of Islamic banking in South Africa. It operates as a subsidiary of the Bahrain-based Al Baraka Banking Group.

Barclays Africa Group (formerly Absa Group) – One of largest financial services companies in Africa with over 12 million customers and 42,000 employees.

Bidvest Bank – A leading foreign exchange specialist in South Africa. It focuses on all major currencies through a correspondent global network.

Capitec Bank Holdings – A commercial bank headquartered in Stellenbosch, South Africa. As of October 5, 2017, the company had a market capitalization of ZAR 102 billion (US$7.5 billion).

FirstRand Group – One of the largest financial institutions in the country. It includes FirstRand Bank, First National Bank, Rand Merchant Bank and WesBank. As of June 22, 2017, the Group had a market value of ZAR 264 billion (US$20 billion).

First National Bank (FNB) is the oldest bank in South Africa established in 1838. It operates as a subsidiary of FirstRand Group.

Grindrod Bank (GRDB) – A competitive investment bank serving private, corporate and institutional customers. It is rated by GCR and has a stable outlook of BBB+ (ZA).

HBZ Bank – A wholly owned subsidiary of Habib Bank AG Zurich. It was launched in 1995 and maintains branches in Kwa-Zulu Natal and Gauteng. HBZ has a division specialising in Islamic Banking.

Investec Group is a focused specialist bank and asset management group. It operates in three principal markets: the United Kingdom, South Africa and Australia.

Mercantile Bank Holdings – An investment holding company, providing international and domestic banking services to retail and corporate customers. It has two subsidiaries: Mercantile Bank and Mercantile Insurance Brokers that provides life insurance and short-term broking services. Mercantile Bank Holdings is a division of Caixa Geral de Depositos S.A.

MMI Holdings – A financial services group providing insurance, savings, asset management, investments, healthcare administration and employee benefits.

Nedbank Group – The South Africa’s fourth largest banking group as measured by assets. It offers a wide range of wholesale and retail banking services, insurance products, and asset and wealth management. The Bank is 54% owned by the parent company, Old Mutual plc.

Rand Merchant Bank (RMB) – The investment banking arm of the FirstRand Group and one of the leading corporate and investment banks in Africa.

Sasfin Bank – A niche banking and financial services group headquartered in Waverley. The company serves individuals and businesses, focusing on corporate clients and high net worth individuals.

South African Reserve Bank – The central bank of the RSA. It maintains that South Africa has a growing economy based on the principles of a market system, private and social initiative, effective competition and social fairness.

Standard Bank Group – The largest bank in Africa by assets and earnings. It is a full-service financial group with operations in 20 African countries. As of December 31, 2016, it had total assets of ZAR 1.954 trillion.

Ubank Ltd (formerly Teba Bank) – A South African bank operating in the microfinance sector. It operates primarily within the gold and platinum mining communities.

United Bank – Allied Bank, United Bank and Volkskas Bank stop trading under their own names, from this point they all trade under the name "ABSA".

WesBank – The largest provider of vehicle finance in South Africa, financing 1 in 3 new cars sold. The Bank operates as a division of FirstRand Bank.

See also:  Foreign Banks in South Africa

Top Banks in South Africa

 Below are the largest banks in South Africa in terms of total assets.

 Total Assets (ZAR billion)

Rank Bank 06/2017 2016 2015 2014 2013 2012 2011
1 Standard Bank Group 1,952.52 1,954.29 1,986.93 1,902.85 1,690.93 1,560.35 1,509.05
2 FirstRand Ltd 1,217.71 1,180.49 1,139.51 978.548 865.732 769.765 697.927
3 Barclays Africa Group 1,137.88 1,101.02 1,144.60 991.414 962.863 898.371 872.662
4 Nedbank Group 965.830 966.022 925.726 809.313 749.594 682.958 648.127
5 Absa Bank * 936.703 918.311 936.141 814.061 792.635 763.920 740.002
6 Investec Bank Ltd 425.687 411.980 340.192 - - - -

* Absa Bank Ltd is a wholly owned subsidiary of Barclays Africa Group.