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South African Banks Rated Strongest In The World

South African banks have been rated as the strongest around the world by the banking advisory group Lafferty, reports Enca.

It is the second year in a row that the banks have been given this rating.

Lafferty is reported as saying that despite South Africa’s credit rating having been downgraded to junk status by some ratings agencies, it has not affected the standards of the banks

The five South African banks that were part of the study were Capitec, Absa, First Rand, Standard Bank and Nedbank.

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Business Day newspaper reports that Capitec bank got a five-star rating and was rated best bank in the world.

Matthew Davies, the BBC’s Africa Business Editor, says this is not surprising. The survey does not only look at balance sheets but also at management and strategy.

He says South African banks are well-respected throughout Africa and the world.

Most European and banks in the US do not score particularly well under Lafferty’s survey because banks in Europe especially have yet to recover properly from the global financial crisis.

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Written by PH

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