Banks all over the world have specific systems which simplify things and help to avoid clerical errors and confusion. One of the systems that have been implemented is the one of banking branch codes. These are numbers that are used to specify or identify particular bank branches. They serve as an identity code that is used in financial transfers.
Where branch codes come in handy are where it’s necessary to prevent money from being sent to the wrong branch. Often available in different formats, branch codes are generally assigned by a central banking authority.
South African banks have their own unique branch code systems, which can be used in traditional banking as well as during internet transactions.
Absa bank is a leading institution in the South African banking sector. It is an authorised financial services provider. Now formally known as The Barclays Africa Group Limited; it’s headed by Wendy Lucas- Bull, who is the Chairman and Maria Ramos, who is the Group Chief Executive.
The bank’s range of products and services include personal and business banking, credit cards, corporate and investment banking, wealth and investment management, as well as Bancassurance.
Founded in 1998 as Amalgamated Banks of South Africa Limited, following the combination of multiple financial brands, the bank serves areas including Botswana, Ghana, Kenya, South Africa, Nigeria, Tanzania, Zambia and more.
As at June 30, 2013, its total assets stood at R841.33 billion.
Universal Branch Code: 623005
A prominent banking group in the country, Nedbank Ltd is the principal financial subsidiary. The company is listed in the JSE Top 40 and has had shares listed since 1969.
Services and products offered include investment banking, market solutions, corporate solutions, business banking. Its retail division offers financial solutions for individual business people, small businesses and start-ups, wealth management and insurance. A 52% stake in the entity is held by Old Mutual. Nedbank prides itself on providing savvy banking solutions, for the benefit of its clients.
Universal Branch Code: 198765
This locally controlled commercial bank is now one of the Top 5 leading banks in South Africa. Serving individuals and businesses, the bank aims to simplify the banking experience. Formed in 2001, and JSE Listed in 2002, it now has over 500 branches in South Africa. The extent of its reach can be seen in the more than 3.7 million customers it services nationwide.
Universal Branch Code: 470 010
A rapidly expanding financial entity, African Bank has a reputation for innovative services that cater to diverse needs. Before 1998, African Bank had acquired extensive experience in the field operating as a small commercial bank for 24 years. The merger between Thetha Investment Group, King Finance Corporate, Unity Financial Services and Alternative, resulted in its formation. The bank also has a R600 million black equity ownership programme.
Universal Branch Code: 430 000
One of the most trusted banks in South Africa, Standard Bank has established itself as a leading institution with a rich history, spanning 151 years. Standard Bank has further extended its influence across the African continent. The bank has positioned itself as a leader in over 20 countries. Listed on the JSE, it is partially owned by the largest bank in the world- the Industrial and Commercial Bank of China (ICBC).
Universal Branch Code: 051 001
One of South Africa’s largest specialist banks, Investec was founded in 2004 as a small finance company in Johannesburg. It now services markets in countries such as Australia and the United Kingdom. Its values include a focus on distinctive performance as well ensuring client focus.
Products and services offered by the bank are grouped into 3 core areas, namely: asset management, wealth and investment and specialised banking.
Investec specialises in asset management solutions and specialised banking. Services include corporate and institutional banking, wealth and investment, private banking and investment banking.
Universal Branch Code: 580 105
First National Bank:
Formally recognised as the oldest bank in South Africa, having been formed in 1838, First National Bank (FNB) is one of the top 3 banks in the country. Trading as a division of First Rand Bank Limited, it services millions of South Africans, providing efficient and effective financial solutions.
The bank, which is regarded as a highly innovative force within the banking sector, provides personal, private business, commercial and corporate banking to millions nationwide.
Universal Branch Code: 254 005