Largest Banks in South Africa
The banking sector in South Africa includes local banks, foreign controlled banks, mutual banks as well as branches and representative offices of foreign financial institutions. Standard Bank, ABSA, FirstRand and Nedbank are the four biggest banks in the country.
Top 10 Banks in South Africa
The table below shows the largest banks in South Africa ranked by total assets in U.S. dollars.
| Rank | Bank | Total Assets, US$b | Balance Sheet |
| 1 | Standard Bank Group | 170.152 | 06/30/2024 |
| 2 | FirstRand | 130.031 | 06/30/2024 |
| 3 | Absa Bank | 107.204 | 06/30/2024 |
| 4 | Nedbank Group | 74.355 | 06/30/2024 |
| 5 | Investec Ltd | 74.341 | 03/31/2024 |
| 6 | Capitec Bank | 12.230 | 08/31/2024 |
| 7 | Bidvest Group | 6.179 | 06/30/2024 |
| 8 | African Bank Holdings | 2.708 | 09/30/2024 |
| 9 | Sasfin Bank | 0.706 | 06/30/2024 |
| 10 | Albaraka Bank Ltd | 0.503 | 12/31/2023 |
Standard Bank Group
Standard Bank Group, based in Johannesburg, is the largest bank in South Africa in terms of total assets. It has about 20 million customers, 51,000 employees, 990 branches and 5,500 ATMs on the African continent. The Group provides a wide array of deposit and lending products, wealth management, investment and advisory services, insurance, mortgage loans, transactional banking, mobile and online banking, foreign exchange and other services. The company’s shares are listed on the Johannesburg Stock Exchange (JSE).
FirstRand
FirstRand Limited (also known as FirstRand Group) is the second largest bank in South Africa by assets. The company employs approximately 49,000 people and offers a broad range of financial products and services in Southern, East, West and Central Africa. It has international subsidiaries and offices in Nigeria, Ghana, Botswana, Namibia, Eswatini (formerly Swaziland), Lesotho, Zambia, Mozambique, Kenya, Angola, Guernsey and the UK. The company's shares are traded on the Johannesburg and Namibian stock exchanges. FirstRand is the largest bank in Africa by market capitalization.
ABSA Group
ABSA Group Ltd (formerly Barclays Africa Group) is the third largest banking group in South Africa with total assets of ZAR 1.95 trillion and deposits of ZAR 1.3 trillion. It offers personal, business, corporate and investment banking, wealth management, bancassurance, online and mobile solutions and other services. The company operates across the African continent as well as has securities entities in the UK and USA. In South Africa, ABSA has over 600 outlets including branches and sales centres.
Nedbank Group
Nedbank Group Ltd, headquartered in Sandton, is the fourth largest financial institution in South Africa. With over 400 branches, it offers transactional and savings accounts, personal and home loans, vehicle and asset finance, credit cards, insurance products, investment banking and online services, among others. The company has international subsidiaries in Namibia, Mozambique, Zimbabwe, Lesotho and Swaziland as well as representative offices in Dubai, Kenya and Angola. Nedbank disposed of its operations in Malawi. The Group was formed in 1973 and today employs about 26,000 people.
Investec
Investec Group, established in 1974, is an international banking and investment company providing products and services in South Africa, the United Kingdom, Australia and other markets. It offers private banking, asset and wealth management, corporate finance and advisory services, treasury and risk management, stockbroking and share trading services, transactional banking as well as life insurance, offshore banking, medical practice finance and more. Investec shares are listed on the Johannesburg and London stock exchanges.
See also: Full List of Banks in South Africa
Last updated January 30, 2025