In this guide, you’ll learn about the list of commercial banks in South Africa, and banking related information in South Africa.
There are so many banking institutions in South Africa that is available to both nationals and foreigners. The commercial banks in South Africa run under the Banking Association of South Africa umbrella. The body represents a collective voice for the industry during interactions with the government.
To open an account in any South African bank, you’ll need to complete a form confirming your employment status at a South African company and declare any funds or assets you’ve brought into the country.
The majority of South African banks charge account fees, and transaction and withdrawal fees also apply in many cases. If you choose an international bank in South Africa, it might be possible to get an account in your home country that you can also use in South Africa.
Structure of Banks in South Africa
South Africa is one of the most developed countries in Africa with a well-developed and sophisticated banking system. They are availability of efficient banking channels and networks which make international banking feasible.
RAND is the official currency of South Africa which is denoted as “R”. Transactions can also be carried out in foreign currencies like the US Dollars, British Pound, Nigerian Naira, Canadian Dollars, Chinese Yuan, etc.
The South African Reserve Bank is a Central Bank of the Republic of South Africa and it was established in 1921. It has a head office in Pretoria of South Africa. The primary purpose of the bank is to achieve and maintain price stability in the interest of balanced and sustainable economic growth of South Africa. Together with other institutes it also plays a pivotal role in ensuring financial stability within the country.
List of Commercial Banks in South Africa
They are over 50 commercial banks operating in South Africa. Below is the comprehensive list of banks in South Africa.
- ABSA Group – Amalgamated Banks of South Africa
- African Merchant Bank (AMB)
- African Bank Limited
- Allfinanz Boutique
- Allied Bank
- Al Baraka Bank
- Bidvest Bank Limited
- Capitec Bank
- Bank Zero
- Development Bank of South Africa (DBSA)
- First National Bank (FNB)
- FirstRand Bank Ltd
- Habib Overseas Bank Limited
- HBZ Bank Limited
- Investec Group
- Marriott Merchant Bank (Grindrod Bank)
- Discovery Bank
- Mercantile Bank Limited
- MLS Bank
- NBS Bank
- Nedcor Group
- New Republic Bank (NRB Group)
- Old Mutual South Africa
- Rand Merchant Bank
- Saambou Bank
- South African Bank of Athens Limited (Grobank Limited)
- Standard Corporate and Merchant Bank (SCMB)
- Southern Bank of Africa Limited
- Stanbic Africa – Standard Bank Africa Banking Group
- Standard Bank of South Africa
- Standard Chartered
- Trust Bank
- Tyme Bank
- TEBA Bank Limited
- United Bank
- Ubank Limited
- Volkskas Bank
International Banks Operating in South Africa
- ABN AMRO Bank NV:
- Bank of Baroda:
- Bank of China, Johannesburg BranchBank of Taiwan, SA Branch
- Barclays Bank plc (now incorporated into Absa Bank)
- China Construction Bank, Johannesburg Branch:
- Citibank NA
- Commerzbank Aktiengesellschaft
- Deutsche Bank AG
- HSBC Bank plc, Johannesburg Branch
- JPMorgan Chase Bank, N.A., Johannesburg Branch
- Société Générale, Johannesburg Branch
- Standard Chartered Bank, Johannesburg Branch
- State Bank of India
The financial institution in South Africa is an ever-growing one. It has also played a very significant role in the nation’s economy. Over the years they’ve been a lot of dynamism in the South Africa baking sector.
New commercial banks in South Africa have raised the bar. Technological advancement has also brought a lot of improvements in the sector. Only those who have kept the pace have survived.
New banks are springing up in South Africa. A few mergers and takeovers have been there among some major players in the market. The industry will still grow to be better.