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.
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)
|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|
|3||Barclays Africa Group||1,137.88||1,101.02||1,144.60||991.414||962.863||898.371||872.662|
|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||–||–||–||–|
* Absa Bank Ltd is a wholly owned subsidiary of Barclays Africa Group.
Foreign Banks in South Africa
Following are the list of foreign controlled banks, local branches of foreign banks and representative offices of foreign banks.
Foreign Controlled Banks
|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
R million (31.12.2016)
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|
|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:
Banco Nacional De Desenvolvimento Economica E Social
Banif – Banco Internacional do Funchal
ICICI Bank Limited
|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,
|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|
(Source: South African Reserve Bank)