Read our list of the best 10 Locally owned banks in South Africa. South Africa practices a modern banking system that makes conducting business easier. Mzansi’s efficient financial networks make it offer global banking services to customers. The South African Reserve Bank regulates the banking system in the country. It helps maintain the value of the Rand and keep inflation under control. See our list of the best locally-owned banks in the country.
1. Standard Bank
Based in South Africa, Standard Bank is a financial services group with a global presence focused on emerging markets. It is primarily recognized as Africa’s largest lender in terms of assets. Headquartered in Jo’burg, Standard Bank offers a comprehensive range of banking and financial services. It has been in operation for over 155 years. It provides top financial assistance to South Africans in the country (and other customers) and all over the world.
2. FirstRand Bank Group
The FirstRand Bank Group was formed in 1998 when the Anglo-American Corporation of South Africa Limited and RMB Holdings amalgamated. The bank is headquartered in Johannesburg, South Africa. It is the country’s second-largest bank and employs over 44,000 people. Its integrated financial services business portfolio includes FNB, RMB, Aldermore, and Ashburton Investments. While the FirstRand Bank Group is headquartered in SA, it also operates in some Sub-Saharan African countries. It has aided both the local community and the national economy. It offers banking services, insurance, and personal banking solutions to large and small businesses and individuals.
3. Nedbank Group
NedBank is one of South Africa’s largest banks. NedBank is located in Sandton, Johannesburg, South Africa, where it is headquartered. It is also situated in over 2000 places across the continent, from which they provide retail and wholesale banking services, asset management, insurance development, and wealth management in 39 countries. NedBank employs over 31,000 people. The bank was founded on March 1st, 1888, and has been in operation since. While its primary market is South Africa, NedBank also operates through subsidiaries and banks in several other African countries. The bank is a wholely owned subsidiary of the NedBank Group, owned by the Old Mutual Life Assurance Company Limited SA.
4. Capitec Banking Group
Capitec Bank is a South African retail bank established by Michiel Le Roux in 2001. Le Roux currently owns an 11% stake in the bank. Capitec Bank trades on the Johannesburg Stock Exchange and targets South Africa’s emerging middle class. On August 2017, the bank was named the second-largest retail bank in the country (based on a number of customers). Over 120,000 customers open an account with Capitec Bank each month. The bank’s headquarters is located in Stellenbosch, Western Cape, South Africa. It maintains 500 retail branches nationwide and has over 6.2 million customers.
5. Investec Bank Limited
Investec Bank Limited is a global Anglo-South African specialist banking and wealth management organization. The bank’s client base reaches across South Africa, Europe, and Asia-Pacific. The bank is headquartered in Sandton, Johannesburg, South Africa, and London, United Kingdom. The bank boasts over 8,200 employees in the country. Investec Bank started as a small leasing and financing company in South Africa and threw through the years through growth and acquisitions. Today, it offers high-quality services to its range of clients. It provides private bank accounts, personal accounts, fixed deposit accounts, etc., to clients.
6. African Bank Limited
It is licensed as a “locally controlled bank” by the South African Reserve Bank (SARB), the African Bank Limited, as a retail bank in South Africa. It offers financial products and services. Some services it offers include loans, investments, and debit and credit card services. The bank is owned by African Bank Holdings Limited as a subsidiary. African Bank Limited’s headquarters is in Midland, Johannesburg, South Africa. African Bank Limited has total assets of roughly R32 billion (USD 2.5 billion) and gross earnings of R5.7 billion as of September 30, 2017. Through a solid and effective distribution network (digital and direct marketing, sales and services channels, etc.), its activities are carried out efficiently.
7. GrindRod Bank
GrindRod Banks is licensed as a “locally-controlled financial institution” by the Reserve Bank of South Africa. It operates as a commercial bank in South Africa. The bank was created as a subsidiary by GrindRod Limited in 1994. Its headquarters are in Durban, South Africa. It also owns offices in Johannesburg, Pretoria, and Cape Town. GrindRod Bank provides a list of commercial services, including corporate finance, investment banking, corporate lending, deposit, and property-related products and services to private, corporate, and institutional clients. It purchased Marriott Merchant Bank’s entire asset portfolio in 2006.
8. Bidvest Bank Limited
Founded in 1998 and headquartered in Johannesburg, South Africa, Bidvest Bank Limited is a South African private sector commercial bank. It is licensed as a “Locally Controlled Financial Institution” as recognized by the Reserve Bank of South Africa. The bank is 100% owned and controlled by Bidvest Group Limited, a multinational company based in South Africa. In 1998, Bidvest Group purchased Rennies Foreign Exchange as part of the Rennies Group’s takeover. It became known as the Rennies Bank after the issuance of a banking license in 2000 by the South African Reserve Bank. It was renamed Bidvest Bank Limited. It delivers a wide range of retail banking services throughout South Africa.
9. First National Bank of South Africa (FNB)
The First National Bank of South Africa is a divisional bank with FirstRand Group as its parent company. This is by virtue of the merger which had taken place between four institutions. This makes it one of the conglomerates of the FirstRand Group. It was founded in Makhanda, South Africa, in 1838. The bank’s headquarters is currently located in Johannesburg, South Africa. It offers financial services in South Africa and customers in several other countries, including Zambia, Mozambique, Lesotho, Tanzania, Ghana, etc. It is the oldest and largest bank in the country.
10. Mercantile Bank
Mercantile Bank is a commercial bank whose headquarters are located in Sandton, Johannesburg, South Africa. The bank was established in 1965 and was bought by Capitec Bank Limited in 2019. It was initially owned by Caixa Geral de Depósitos SA and registered in Portugal. The South African Minister of Finance and other Regulatory Authorities formally approved the bank’s purchase and acquisition by Capitec Bank in October 2019. It currently serves as Capitec’s banking branch. The bank has more than 15 branches in the country and employs between 501 and 1000 workers. The bank offers the following services, business, commercial, and alliance banking. It helps with individual banking, corporate banking, retail banking, brokerage, asset management, etc.
