Well, that is how successful Commercial banks in South Africa have been.
The assets growth in this industry has been steady since 2002; the figure was $88.7 billion.
The question is, which banks in South Africa have contributed to the figure?
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The South African Reserve Bank is the monetary authority in the country.
The commercial banks in South Africa, however, run under the BankingAssociation of South Africa umbrella.
The body represents a collective voice for the industry during interactions with the government.
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Absa Group
Absa Groupis one of Africa’s top financial providers.
The bank describes itself as the African financial services group that aims to be the pride of the continent.
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Africa Bank Limited ABL
TheAfrica Bank Limited ABLhas its head office in Midrand 1685 Johannesburg.
It focuses on providing unsecured loans in the domestic market.
According to the South African Reserve bank, ABL’s total asset was R32.954 billion.
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Tyme bank has already opened 740,000 bank accounts.
Many of those are inactive though.
Al Baraka Bank
This is a subsidiary of the Al Baraka Banking Group, thelargest Islamic bankin the world.
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It is also the only fully-fledged Islamic financial institution in South Africa.
The bank has over 80 branches within the country and employs over 1,100 people.
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It aims to be a force to reckon with in the already crowded market.
These are some newcomers in the banking industry, and they are already threatening the traditional big players.
It, however, does not bank for corporations, trusts, partnerships, or companies.
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Capitec Bank hasover 11,400employees in over 800 of its branches.
RMB Private Bank
This bankmakes the cut as another top private bank in South Africa.
Since being founded in 1977, the bank managed to keep abreast of the changes in the industry.
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Its headquarters is in Johannesburg.
FirstRand Group
ThisBanking grouphas over 44,000 employees in over 800 retail branches nationwide.
The bank has over 75,000 ATMs and operates subsidiaries across the African continent.
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First National Bank (FNB)
As the name suggests, this was thefirst-ever commercial bankin South Africa.
It has been in operation since 1838 and is still one of the countrys largest banks.
It followed by RMB Private Bank, Nedbank Private Wealth, and Absa, respectively.
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Grindrod Bank
This bank is very reputable when it comes to property finance.
It is a subsidiary of one of the largest shipping companies in the nation,Grindrod Limited.
The bank changed its name from Marriott Merchant Bank Limited to Grindrod in 2006.
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HBZ Bank
HBZ Bankoperates as a subsidiary of Habib Bank AG Zurich.
It has a department that is fully dedicated to Islamic banking.
It has its head office in Westville.
Old Mutual Company PLC owns a 54% stake in the bank.
By assets and earnings, it is also Africas largest.
The bank operates over 560 branches across 20 Sub-Saharan Africa countries.
The bank’s home mortgage and card issuing operations are the largest in South Africa.
Ubank Limited
Ubank Limitedis one of South Africas Microfinance banks.
Ubank has about 100 branches that operate within the mining and rural communities.
It provides services in Botswana, Lesotho, Mozambique, and Swaziland as Teba Agencies.
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Wesbank
This financial institution is considered one of South Africa’s largest installment financial institutions.
Commercial banks in South Africa do not control the entire market.
The banking system has given a chance to non-commercial banks to fill the loopholes left behind.
They have a very significant role to play in the nation’s economy.
GBS Mutual Bank
GBS Mutual is one of the oldest and few examples of non-commercial banks in South Africa.
It has been in operations since 1877.
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The bank has continued to stimulate rural economies through partnerships.
It was formed in 2001 when Aganang SACCO, Ikageng SACCO, and Itireleng SACCO decided to merge.
The modern mutual saving bank was established under the burnerMutual Saving and FriendlySociety.
Finbond belongs to the list of banks in South Africa that primarily focus on community development.
The banking industry has seen a lot of dynamics with time.
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.
We have also seen the establishment of new banks 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.
He previously worked with Ace My Homework before joining the Briefly team in 2017.
With over 5 years of experience in Briefly, Peter has become a remarkable wordsmith.
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