The banking sector in South Africa keeps swelling, raking trillions in revenue, and also keeping customers happy per year. Many South African banks have even expanded from owning a local license to an international permit that has allowed them to establish in different countries. This shows how well the sector has done. In recent times, South African banks have had varying degrees of success due to so many factors. Regarding prosperity, age ranks amongst the lowest factors as the oldest doesn’t always mean the richest. Here is a list of the best banks in South Africa asset.
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5 Best Banks in South Africa
The 5 best banks in South Africa according to their assets are:
1. Standard Bank
The Standard Bank of South Africa Limited is a South African financial services group and is considered to be Africa’s biggest lender by assets. The company’s corporate headquarters, Standard Bank Centre, is situated in Simmonds Street, Johannesburg. It tops our list when it comes to offering top-class banking services to South Africans as well as the global community.
The SA banking group is made up of three units offering banking services to South Africans which are Personal and Business Banking, Corporate and Investment banking and Liberty Holdings Limited. Services offered by Standard Bank include transactional banking services, saving, borrowing and lending, investment, insurance services, risk management, wealth management as well as advisory services.
To the global market, Standard Bank offers services such as fixed income, forex services and also commodities and equities. The banking group offers Investment banking services, such as advisory, debt products, structured trade and commodity finance, debt capital markets and equity capital markets to its customers. In the aspect of real estate, the bank offers finance and principal management.
With over 50,000 employees to date, it is one of the banks with the highest labour in Africa. Business transactions with this bank is always a pleasure irrespective of whether you are a regular customer or a business owner.
2. Absa Group Limited
Formerly known as Barclays Africa Group Limited, the Absa Group is one of South Africa’s financial services that offer services such as personal and business banking, credit cards, corporate and investment banking, wealth and investment management as well as bancassurance.
The banking group was founded in 1991 with its headquarters located in Johannesburg and has a long history of banking excellence. Absa bank offers major direct initiatives such as banking solutions and community development projects to the South African community making the bank the second-best bank in South Africa in terms of investments and assets.
3. FirstRand Bank Group
FirstRand bank was established in 1998 and has grown to become one of the leading banks in South Africa. Through the services it offers, it has improved the local community as well as the country’s economy.
Several investments from RMI Nigeria group to several other new franchises have been made by the bank. The bank also offers insurance products and personal banking solutions to businesses and individuals in addition to its main banking services aiding its growth and widening its investments.
4. Nedbank Group
The fourth bank on our list of top Best Banks In South Africa is Nedbank Group. The group was founded in 1969 and it offers retail and wholesale banking services to its large number of clients.
Known to be one of the wealthiest banks in South Africa, it has a strong and well-connected banking network throughout South Africa. The bank has its main headquarters situated in Johannesburg and has two regional centres in Cape Town and Durban.
The group provides services to clients through its many subsidiaries spread all over the country and it has over 32,000 workers thereby generating over $5bn in revenue.
5. Capitec Banking Group
After being originally set up to offer personal and retail services, it has expanded its operations and surpassed other financial institutional giants in the South African banking industry. It is ranked fifth on our South African best bank list.
The bank offers banking services for retail to people in the local community. This has aided the development of local markets and also the satisfaction of clients. The services are top-notch.