Banks in South Africa

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

Banking system in South Africa includes 10 locally controlled banks, 7 foreign controlled banks, 3 mutual banks, 2 co-operative banks as well as about 50 branches and representative offices of foreign banks. The total assets of banking sector amounted to nearly ZAR 6 trillion according to data from South African Reserve Bank.

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 December 1, 2017, it had a market capitalization of ZAR 3.4 billion.

African Bank – The commercial bank headquartered in Midrand. It 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. As of October 25, 2017, it had a market capitalization of ZAR 108 billion (US$7.9 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 December 1, 2017, the Group had a market capitalization of ZAR 317 billion (US$23 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 specializing in Islamic banking.

Investec Bank Ltd is a focused specialist bank and asset management company. It provides investment, corporate and private banking services.

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, wealth management and insurance products. 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 South Africa by assets and earnings. It is a full-service financial group with operations in 20 African countries. As of June 30, 2017, it had total assets of ZAR 1.95 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 company operates as a division of FirstRand Bank.

See also:  Top Banks in South Africa, Insurance Companies

Foreign Controlled Banks

Following are the lists of foreign controlled banks, local branches of foreign banks and representative offices of foreign banks.

  Bank Website
1 ABSA Bank Limited
2 Albaraka Bank Limited
3 Commonwealth Bank of South Africa Ltd  
4 Habib Overseas Bank Limited
5 HBZ Bank Limited
6 Mercantile Bank Limited
7 The South African Bank of Athens Limited

Local Branches of Foreign Banks

Citibank NA
HSBC Bank, Johannesburg Branch
China Construction Bank, Johannesburg Branch
Bank of China Johannesburg Branch
Standard Chartered Bank (Johannesburg Branch)
JPMorgan Chase Bank, NA (Johannesburg Branch)
BNP Paribas South Africa
Deutsche Bank AG
Societe Generale Johannesburg Branch
State Bank of India
Bank of Baroda
Bank of Taiwan South Africa Branch
Bank of India
Canara Bank
ICICI Bank Ltd

Representative Offices of Foreign Banks

Bank Address
AfrAsia Bank Limited PO Box 55351, Northlands, 2116
African Banking Corporation Botswana Ltd
(trading as BancABC Botswana)
PO Box 970, Saxonwold, 2132
Banco BIC 30 Arena Close, H Santos Building, Bruma, 2198
Banco BPI, SA PO Box 303, Bruma, 2026
Banco Santander Totta PO Box 749, Bruma, 2026
Bank Leumi Le-Israel BM Private Bag X41, Saxonwold, 2132
Bank of America, NA PO Box 651987, Benmore, 2010
Bank One Limited PO Box 25386, Gateway, 4321
Banque SYZ Suisse SA PO Box 653641, Benmore, 2010
Caixa Bank Fredman Drive 13, 9th floor, Fredman Towers,
Sandton, 2146
Commerzbank AG Johannesburg PO Box 860, Parklands, 2121
Credit Suisse AG Private Bag X9911, Sandton, 2146
Doha Bank PO Box 785553, Sandton, 2146
Ecobank Block F, 8th floor, 135 Rivonia Road, Sandown, 2196
Export-Import Bank of India 2nd floor, Sandton City, Twin Towers East Wing, Sandton, 2196
First Bank of Nigeria Ltd PO Box 784796, Sandton, 2146
Hellenic Bank Public Company Ltd PO Box 783392, Sandton, 2146
Industrial and Commercial Bank of China
African Representative Office
PO Box 40, Cape Town, 8000
KfW Ipex-Bank GmbH PO Box 2402, Saxonwold, 2132
Millenium BCP PO Box 273, Bruma, 2026
Mizuho Bank Limited PO Box 785553, Sandton, 2146
National Bank of Egypt PO Box 55402, Northlands, 2116
Notenstein Private Bank Ltd 100 New Church Street, Tamboerskloof,
Cape Town, 8001
Novo Banco PO Box 749, Bruma, 2026
Societe Generale Representative Office for Southern Africa PO Box 2805, Saxonwold, 2132
Sumitomo Mitsui Banking Corporation Building Four, 1st Floor, Commerce Square, 39 Rivonia Road, Sandhurst, Sandton, 2196
Swedbank AB Private Bag X1, Dainfern, 2055
The Bank of New York Mellon PostNet Suite 100, Private Bag X43, Sunninghill, 2157
The Bank of Tokyo-Mitsubishi UFJ Limited PO Box 78519, Sandton, 2146
The Mauritius Commercial Bank Ltd PO Box 3009, Parklands, 2121
Export-Import Bank of China (Rep. Office for Southern and Eastern Africa) Postnet Suite 158, Private Bag X91–BE, Benmore, 2010
Unicredit Bank AG PO Box 1483, Parklands, 2121
Union Bank of Nigeria plc PO Box 653125, Benmore, 2010
Vnesheconombank PO Box 413742, Craighall, 2024
Wells Fargo Bank, National Association PO Box 3091, Saxonwold, 2132
Zenith Bank plc PO Box 782652, Sandton, 2146