With one of the leading economies in Africa, South Africa has a number of banks which serve the needs of consumers, government and public and private companies. The country has an average total population of 53 million people who require the services of banks.
Below is a list of locally controlled banks in South Africa in their alphabetical order:
- First National Bank: It’s popularly known as FNB and is one of the “big four” banks in South Africa. Established in 1838, the bank forms part of the First Rand Limited; it is one of the three major partitions of the First Rand Group, Rand Merchant Bank and Wesbank. The bank has operations in countries such as Botswana, Mozambique, Namibia, South Africa, Swaziland, Tanzania and Zambia.
- Barclays Africa Group Limited: formerly known as Absa, Barclays Africa is public bank offers a variety of products such as commercial banking, finance and insurance, retail banking, credit crads, private equity, investment management and investment banking. The bank serves in many African countries namely Botswana, Zimbabwe, Ghana, Kenya, Mauritius, Mozambique, Namibia, Nigeria, Tanzania, South Africa, Uganda and Zambia. Barclays Africa has revenue of R4.66 billion and total assets of R841.33 billion as of June 2013. The firm has a total number of 33 879 employees as of June 2013.
- African Bank: It is a commercial bank that offers products such as loans, checking, savings, investments and debit cards. Headquartered in Midrand, South Africa, the financial service provider is a subsidiary of African Bank Investments Limited. On 10 August 2014, the bank was placed under curatorship by the South African Reserve Bank SARB).
- Bidvest Bank: Is another private commercial bank that was founded in 1988. With its headquarters in Braamfontein, Johannesburg, the bank offers the following products loans, foreign exchange, savings, investments, debit cards. The financial firm is owned by Bidvest Group Limited.
- Capitec Bank: The bank is public owned commercial bank which was licensed by the SARB in 2001. With a total number of 7 200 (as of 2012), the firm offers loans, checking, savings, investments and debit cards. The bank operates as a retail bank and is headquartered in Stellenbosch, South Africa. As of August 2010, the bank had an asset base of US$739 million and an estimated shareholders’ equity of over US$208 million.
- First Rand Limited: It’s a public company whose total assets are valued at US$89 billion. The financial firm offers transactional services, loans, mortgages, investments, debit cards, credit cards, insurance and asset management. Founded in 1998, First rand limited has a total number of 38 989 employees. The bank has its headquarters in Johannesburg, South Africa. The group has its operations in eight countries namely: Botswana, Namibia, Swaziland, Lesotho, Zambia, Mozambique, Tanzania and Nigeria. It has branches in London and India.
- Grindod Bank: Established in 1994, Grindod Bank is a commercial bank whose headquarters are in Johannesburg, South Africa. The firm provides the following products, loans, savings, checking, investments, debit cards, credit cards and mortgages. Its total assets are valued at US$550 million and had 96 workers as of 2011.
- Imperial Bank South Africa: It’s a private financial institution that was founded in 1996. Headquartered in Johannesburg, the bank provides the following products, loans, savings, checking, investments, debit cards, credit cards, and mortgages.
- Investec: it’s a public company with its head offices in London, United Kingdom and Sandton in South Africa. The bank offers private banking, capital markets, investment banking, asset management, property activities, wealth management and investment management. The firm has a total revenue of 2 131.8 million pounds, an operating income of 436.5 million pounds and a net income of 320.8 million pounds in 2013.
- Nedbank Limited: It is one of the biggest banks in South Africa that was founded in 1888; the financial services provider is a public firm with revenue of R35 016 million and total assets of R750 million at the JSE where it trades as SFN.
- Ubank: formerly called Teba Bank Limited, the firm is a South African bank that operates with the microfinance sector and has interests within the mining sector and low income blue collar workers. It has its headquarters in Sunninghill, Gauteng, South Africa.
- Standard Bank: Founded in 1862, 153 years ago, the firm has total revenue of US$16.6 billion, net income of US$1.6 billion and total assets of US$201.9 billion as of 2010. Standard Bank employees a total number of 49 000 employees. The bank provides the following products, commercial banking, investment banking, and investment management. It is listed at JSE and has operations in 32 countries with 19 in Africa.