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List of Banks in South Africa

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List of Banks both locally, foreign, mutual banks, and co-operative Banks in South Africa.

The number of banks in South Africa that you need to know is on the list on this page.

The 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 the banking sector amounted to approximately ZAR 6 trillion according to data from the South African Reserve Bank.

List of Banks in South Africa

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 January 5, 2018, 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.

See Also:  Bank of China Branch Code, BIC Code (Swift)

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.

Top Banks in South Africa

Below is a list of the largest banks operating in South Africa. The Big Four banks hold over 80% of banking services in the country.

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
See Also:  Barclays Africa Group Branch Code, BIC Code (Swift)

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

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

Foreign Controlled Banks

Institution Phone number Website
1 ABSA Bank Limited (011) 350 4000 www.absa.co.za
2 Albaraka Bank Limited (031) 366 9000 www.albaraka.co.za
3 Commonwealth Bank of South Africa Ltd 087 286 8833
4 Habib Overseas Bank Limited (011) 8347441 www.habiboverseas.co.za
5 HBZ Bank Limited (031) 267 4400 www.hbzbank.co.za
6 Mercantile Bank Limited (011) 302 0300 www.mercantile.co.za
7 The South African Bank of Athens Limited (011) 634 4300 www.bankofathens.co.za

Registered Local Branches of Foreign Banks

Rank Company Total assets
R million (31.12.2016)
Total assets
R million (31.12.2015)
Annual growth (%)
1 Citibank NA 64 944 76 511 -15.12
2 HSBC Bank, Johannesburg Branch 45 106 49 806 -9.44
3 China Construction Bank, Johannesburg Branch 37 567 32 621 15.16
4 Bank of China Johannesburg Branch 32 670 35 836 -8.85
5 Standard Chartered Bank (Johannesburg Branch) 32 281 34 420 -6.21
6 JPMorgan Chase Bank, NA (Johannesburg Branch) 28 524 57 059 -50.01
7 BNP Paribas South Africa 11 204 14 499 -22.72
8 Deutsche Bank AG 10 388 22 757 -54.35
9 Societe Generale Johannesburg Branch 7 874 11 726 -32.85
10 State Bank of India 7 438 6 995 6.34
11 Bank of Baroda 3 940 2 269 73.70
12 Bank of Taiwan South Africa Branch 2 008 1 592 26.14
13 Bank of India 427 478 -10.76
14 Canara Bank 328 400 -17.88
15 ICICI Bank Limited 269 250 7.75

Foreign Banks with Approved Local Representative Offices

As of December 31, 2016, there were 36 approved representative offices emanating from 20 countries. During the year the following representative offices were registered and deregistered:

Registration:
None

Deregistration:
Banco Nacional De Desenvolvimento Economica E Social
Banif – Banco Internacional do Funchal
ICICI Bank Limited
UBS AG

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

(Source: South African Reserve Bank)

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