Top 5 Leading Banks in Africa
Banks in Africa are an ever-expanding financial sector, with some banks competing with International banks in assets, branches, staff, and clients.
The ideology of an organization offering public financial services has been operating since the late 1800s. One of the oldest banks in Africa, the South African Reserve Bank is a hundred years old this month.
It was established in 1921 and is the oldest bank on the African continent. It first opened for business on June 30, 1921, and issued its first banknotes to the public on April 19, 1922.
In terms of banking, the African region as a whole has various unique players that cater to its large population.
While there are older banks that have established dominance in the African banking sector, newer banks are still rising to the top. Such examples of banks include Access Bank, Guarantee Trust Bank, and Zenith Bank.
The future shows promise for these young banks to take over the market as they record immense growth in assets, clients, and profit.
While this list engulfs Banks present in Africa as a whole, the list is dominated by one country. For years, banks in Africa have been leading the charts, with other banks following behind.
Let’s take a look at the top five banks in Africa currently leading in assets and profit
Here is the list of the Top 5 Largest Banks in Africa
5. NEDBANK GROUP (SOUTH AFRICA)
Coming at number five is the NedBank group in South Africa!
Nedbank Group is a financial service group in South Africa, offering wholesale and retail financial services to its clients all around the world.
This organization operates In six countries as of today, these include Eswatini, Lesotho, Malawi, Mozambique, Namibia, and Zimbabwe.
Nedbank also has offices and subsidiaries in countries like Angola and Kenya.
Their recorded net income is well over R28.8 billion, which was their score as of 2018.
They currently employ more than 30 thousand employees with a span across their established branches in various countries.
Intending to provide their financial services to everyone, Nedbank has more than 700 outlets, with the promise of providing more to communities.
They have assets amounting to up to 1.4 trillion Rands! (more than 98 million US Dollars).
Their services include but are not limited to wholesale and retail banking services, insurance, asset management, and wealth management.
Nedbank Limited is a wholly-owned subsidiary of Nedbank Group. Nedbank’s primary market is South Africa.
4. NATIONAL BANK OF EGYPT (EGYPT)
Next on our list of top 5 banks leading in Africa is the National Bank of Egypt (NBE)!
This bank is one of the oldest commercial banks in Egypt, being founded in June 1898. It stands out as the largest and one of the oldest banks in Egypt currently.
The national bank of Egypt is one of the top banks in Africa due to its high amounts of assets, deposits, loans, bank capital, number of total branches, and employees.
This bank took over as the central bank of Egypt in the 1950s, funding and resourcing some of the most political and economic changes that have occurred in Egypt.
The national Bank of Egypt currently serves more than 14 million clients nationwide, running more than 500 branches all across the continent.
Assets of the National bank of Egypt amount to 366 billion, total deposits of 312,7 billion, and total loans and advances of 114,7 billion EGP.
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3. FIRSTRAND BANK (SOUTH AFRICA)
Third, on our list of the top banks in Africa is also a leading bank in South Africa! It is the FirstRand Bank.
This bank’s main operations are conducted in the UK, South Africa, and India. In terms of profit, asset, and financial operations, FirstRand is the third leading bank in Africa.
With a track record of superior returns to shareholders, the bank provides a universal set of transactional, investment, lending, insurance services, and products to its client all over the continent.
2. ABSA GROUP (SOUTH AFRICA)
When we said this list would be dominated by South African Banks, We were not kidding!
Second, on our list for the top 5 banks in Africa is also a South African Bank by the name of Absa Group. Absa Group was founded in 1991. They were previously known as Barclays Africa Group Ltd.
They are currently present in 12 countries across Africa, offering financial services to millions of clients.
Some of the services they offer include personal and business banking, credit cards, wealth and investment management as well as corporate services.
1. STANDARD BANK GROUP (SOUTH AFRICA)
Finally! Number one on our list is the largest, leading bank in Africa right now, the Standard Bank Group!
Standard Bank group prides itself as a financial institution, offering banking and financial services to individuals, businesses, institutions, and corporations both in Africa and internationally.
SBG also leads other banks as Africa’s biggest lender by assets in the current years
They have total assets of more than 152.9 billion dollars, with a net income of more than 1.5 billion as of 2016.
They currently have more than 55 thousand employees scattered across their branches.
Anything we missed? be sure to let us know down in the comments below!
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