A bank is a financial institution that is authorized to receive deposits of either cash or valuables, to make loans. Banks may also provide financial services such as giving investment advice to customers and last but not least, currency exchange services. The banking sector in Africa has been expanding gradually. However, their returns are not. Banking is one sector in Africa that has literally been untapped. However, the list of the richest banks in Africa brings to our knowledge some of the banks that have managed to hold root in Africa and their net worth in terms of assets.
List of the richest banks in Africa
The following list entails some of Africa’s richest banks, their asset value in terms of dollars, the countries in which they are situated and a brief history about them.
Credit Populaire du Maroc (Groupe Banque Centrale Populaire)
Banque Exterieur d’Algerie (BEA)
National Bank of Egypt
First Rand Bank
Barclays Africa Group
Standard Bank Group
Credit Populaire du Maroc (Groupe Banque Centrale Populaire) – $27.662 Billion, Morocco
This is the tenth richest bank in Africa, with assets worth over $27.662 billion. It is located in Morocco and has more than one thousand branches in the country and more than three million customers.
The bank maintains offices in the following countries: Germany, England, Canada, France, Spain, Belgium, Gibraltar, and Netherlands. It is engaged in the provision of financial services and products to its clients. Apart from that, it has created employment opportunities for over 10,000 individuals.
Banque Misr- $29.436 Billion, Egypt
Egypt’s Banque Misr was founded in early 1920 and was later nationalized in1960. It is one of the richest African banks, with a net worth of 29.436 billion dollars. This bank is quite popular in Egypt, having set up branches in all of the country’s governorates.
Investec Bank- $31.335 Billion, South Africa
With a credit funding of 31.335 billion dollars, Investec Bank is one of the major financial institutions in South Africa. It was established in 1974 and has kept growing rapidly. It acts as an international specialist bank cum asset manager.
It provides a wide array of financial services and products to its three principal markets, South Africa, United Kingdom and Australia. Apart from providing banking services locally, Investec Bank has also caught the multinational bug, with its presence being felt in Australia, Ireland, and the United Kingdom. It is such a huge financial player, to the extent that it is listed on the Johannesburg and London Stock Exchange.
Banque Exterieur d’Algerie (BEA) – $34.373 Billion, Algeria
This is one bank that would not fail to appear on the list of richest banks in Africa. It has assets amounting to over 34.373 billion dollars to support the previous averment. This bank is classified as one of a commercial nature and it was founded back in 1967.
Attijariwafa Bank- $40.026 Billion, Morocco
Attijariwafa is the largest bank in Morocco and has a net worth of over 40 billion dollars. Its headquarters are based in Casablanca and it also has other branches in London, Senegal, Netherlands, Paris, Madrid, Barcelona, Shanghai, Brussels, Milan, Tunisia, and Maur.
This bank was founded way back in 1904, and it has been listed on the Casablanca Stock Exchange since 1943.
National Bank of Egypt – $51 Billion, Egypt
The National Bank of Egypt is the oldest and largest financial institution in Egypt. This bank prides itself for accounting for more than 23 percent of Egypt’s banking system’s summed up assets.
This bank’s total assets amount to over 51 billion dollars. Its presence is not only felt in Egypt, but also in the United States, Johannesburg, Dubai and Shanghai where it has set up branches.
It is a huge player in the financial sector such that its excellent performance was recognized and commended by the International Rating Agencies.
Nedbank Group- $80.110 Billion, South Africa
Nedbank Group is a huge player in the South African banking sector. It has its headquarters based in Johannesburg and it offers a wide array of banking solutions to large corporations, individuals as well as small business entities.
Not only is it one of the richest African banks with a net worth of over 80 billion dollars, but is also the fourth richest bank in South Africa. This bank is heavily capitalized such that it also acts as a bank holding company, with its main subsidiary being the renowned Nedbank Limited.
Its strong deposit franchise has made it a major key player in the South African banking industry. Its shares have for a long time been listed on both the Johannesburg and Namibian Stock Exchange.
First Rand Bank- $89 Billion, South Africa
Just like its earlier predecessor, the First Rand Bank has its headquarters situated in Johannesburg. The First Rand Bank is an amalgamation of First National Bank (South Africa), Rand Merchant Bank and Momentum Insurance &Asset Management.
First Rand’s assets amount to an excess of 94 billion dollars, making it one of Africa’s richest banks. It is also one of the banks licensed by the Reserve Bank of South Africa
Barclays Africa Group- $97.241 Billion, South Africa
Formerly referred to as ABSA Group, Barclays Africa is a major global financial services provider. Barclays acquired ABSA in May 2005 and has a majority shareholding of 62.3%.
Currently, this bank has a net worth of over 97 billion dollars. It offers a wide range of services such as personal and business banking, investment banking, corporate banking and last but not least, bank assurance.
Standard Bank Group- $184.518 Billion, South Africa
With assets in excess of 184.518 billion dollars, the Standard Bank Group tops the list of richest banks in Africa. It is South Africa’s oldest and largest bank, having been founded 151 years ago.
It has its headquarters based in Johannesburg and branches in 32 countries worldwide. This banking sector guru offers a myriad of services and products such as investment banking, commercial banking, and investment management. Aside from that, it has created employment opportunities for over forty-nine thousand persons.
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Africa’s banking sector has been among the most virgin sectors in the continent. However, lately, banks have been opening up and holding root and even spreading their wings across the globe. These banks have proved to be quite beneficial in terms of creation of employment, and provision of a wide array of banking services and products previously mentioned in the above list of the richest banks in Africa.
Despite a few shortcomings such as low returns, the banking sector in Africa has certainly flourished.