Wondering which bank to choose in South Africa? South Africa has a wide range of banking outlets which all claim to offer exceptional services to their customers while giving assurance of the safety of funds in their care. However, some banks stand tall in their service delivery such that you can be assured that you’re good in hands when you bank with them.
Best Banks in South Africa
Whether you’re looking to enjoy simple services like bill payments or advanced ones like credit facilities, these banks can meet your needs. Discover the 10 best banks in South Africa from the list we’ve compiled below.
Standard Bank
The Standard Bank easily ranks as the best bank in South Africa, offering world class banking services to both South Africans and the global community. The banking group consists of three units: Personal and Business Banking, Corporate and Investment Banking, and Liberty Holdings Limited.
While it offers conventional services (like transactional banking, saving, borrowing etc) to South Africans, its offerings to the global market are forex, fixed income as well as commodities and equities.
Having been in business since 1969, the company currently has one of the largest workforces in the banking industry, employing 54,770 people. The bank, which is located in Johannesburg, aims to make transacting business a pleasure for both regular customers and business owners alike.
Absa Group Limited
Formerly known as Barclays Africa Group Limited, Absa was incorporated in 1986 and is currently a top financial services provider in South Africa. The bank offers Personal and Business Banking, credit cards, corporate investment and banking as well as wealth management.
Its retail banking division also deals in home loans, personal loans, vehicle and asset finance etc. The bank is also popular for its community development projects which are spread across various South African communities. Despite showing commitment to its social responsibility, its services are very affordable which is why many South Africans bank with them.
FirstRand Bank Group
Incorporated in 1966, the FirstRand Bank Group is one of the leading banks in South Africa. The Group consists of First National, Rand Merchant, RMB and Wesbank among other franchises.
The bank engages in direct community development projects while offering an array of financial services such as personal and business banking, insurance, corporate and public-sector banking; all of which have aided the growth and expansion of its services to the continent at large. It is headquartered in Sandton and has a workforce of 45,490 staff catering to the needs of South Africans in every nook and cranny of the country.
Nedbank Group
The Nedbank Group was founded in 1969 consisting of Nedbank Banking Limited, Go Banking and BoE Private Clients. It is one of the richest banks in South Africa with a vast number of branches scattered throughout the country.
The bank provides a range of banking solutions and also engages other activities like investments and project financing. Although its head office is in Johannesburg, it has two regional offices in Cape Town and Durban for smoother operations. The bank employs over 32,000 people to carry out its operations.
Capitec Bank Holdings Ltd
Taking the fifth position on the list is Capitec Banking Holdings Ltd which was established in 1999. The bank started out with basic operations like personal and retail services but has now expanded and can rub shoulders with other giants in the banking industry.
The bank provides a variety of business services which includes card machines, workplace banking and salary transfers. Capitec has over 13,070 people in its employment and is headquartered in Cape Town.
Investec Bank Limited
Investec is another key player in the South African banking sector that deals majorly on the management of wealth and assets in different markets. Incorporated in 1998, the bank is a specialist bank offering its services to private bank accounts, private business accounts, fixed deposit accounts and instant access accounts among several others.
Apart from banking services, the bank also provides home and personal loans, motor and vehicle finance and a host of other financing. It serves both local and global clients through its workforce of 9,720 people while its head office is in Sandton.
African Bank Limited
African Bank Limited is another reputable bank that offers financial products and services to residents of South Africa. The bank is based in Midrand and has a countrywide network of branches through which it offers a range of services such as fixed and notice deposits, fixed prime interest loans, online banking and more.
The bank is a subsidiary of African Bank Holdings Limited which also has the African Insurance Group Ltd as one of its subsidiaries. The bank has 3,442 people in its employment all spread across its branches.
Grindrod Limited
Grindrod Limited is one of the bright lights in the South African banking industry that deals in investment, asset management services, property finance as well as retail services, all of which are carried out through Grindrod Bank and Grindrod Asset Management.
The bank is headquartered in Durban from where it oversees its numerous branches regarding its array of services such as private client lending, mortgage finance, property-exchange-traded funds, property private equity products, and so on. It also welcomes investors to do business via its investment banking offerings as well as corporate financial advisory.
Bidvest Group Limited
The Bidvest Group Ltd enjoys a rich history, having been in existence since 1946 with its main headquarters in Johannesburg. Its banking division was originally called Rennies Bank Limited until 2007 when it changed its name to Bidvest Bank Limited.
The bank provides a range of financial services to its customers such as travel and customer products, vehicle financing, foreign exchange and asset finance. The bank leverages technology to ensure top-notch service delivery to its large customer base. The bank has about 114,000 people in its employment.
Sasfin Holdings Limited
Sasfin Holdings Limited is largely known for its exceptional business banking and private client financial services. The bank majors on business, capital, wealth, transaction and treasury, commercial solutions and corporate services.
The bank is based in Johannesburg from where its coordinates its workforce towards serving their customers which includes entrepreneurs, corporate bodies, institutions and wealthy individuals. Sasfin was established in 1987.
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