5 largest banks in Africa based on asset size

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STANDARD BANK
5 largest banks in Africa based on asset size

5 largest banks in Africa based on asset size

Africa as a continent has hundreds of banks, of which most a very popular and well known. Some of these banks are well-formed in terms of their size and assets. Some African banks have total assets valued at over $100 billion.

Assets basically include all the properties, cash, account receivables, and other valuable resources owned by corporations such as banks. Here, we talk about the five largest banks in Africa based on assets.

1 . Firstly, STANDARD BANK

The first bank on the list is the Standard bank with total assets of $172.9 billion. Topping the list by asset size, the Standard Bank of South Africa Limited remains number one. The bank was formed in 1862 as a South African subsidiary of the British overseas bank. It was under the name The Standard Bank of South Africa.

The company’s corporate headquarters, Standard Bank Centre, is situated in Johannesburg. Standard Bank has almost monopolized this position having held it for over a decade. Currently, the bank operates in more than 20 countries in Africa and abroad.

STANDARD BANK
STANDARD BANK

2 . Secondly, NATIONAL BANK OF EGYPT

National bank of Egypt takes second place on the list of biggest banks in Africa with total assets of $124.9 billion. The bank overtook First Rand for this position per the previous year’s ranking. The was bank founded in Egypt in June 1898.

It’s the country’s largest bank in terms of assets, deposits, loans, bank capital, number of total branches, and employees. It has 338 branches within the country. As of 2007, the National Bank of Egypt accounted for 23% of the Egyptian banking system’s total assets, 25% of total deposits, and 25% of total loans and advances.

NBE also accounts for 74% of the credit card market and 40% of the debit cards in Egypt. The bank is the bride of Egypt’s banking sector.

NATIONAL BANK OF EGYPT
NATIONAL BANK OF EGYPT

3 . Thirdly, ABSA BANK

Absa bank is ranked as the third biggest bank in Africa with total assets of $87.8 billion. Formerly known as Amalgamated Banks of South Africa, Absa Bank Limited (ABL) is also another South African bank.

It is a subsidiary of Absa Group Limited. The bank’s headquarters are located on the 7th Floor of Absa Towers West, 15 Troye Street, Johannesburg, South Africa. Absa Bank Limited is a commercial bank and one of the largest in South Africa. The Absa Group is present in 12 countries across the continent and has about 42,000 employees.

absa Group
absa Group

4 . Next is FIRST RAND

They ranked fourth with total assets of $81.9 billion. FirstRand Limited is another South African Bank on the list of the biggest banks in Africa. It operates in South Africa and certain markets in sub-Saharan Africa.

These include Botswana, Namibia, Swaziland, Lesotho, Zambia, Mozambique, Tanzania, and Ghana. They also operate internally in countries like UK, and India. The group’s headquarters is in Johannesburg, South Africa.

FIRST RAND
FIRST RAND

5 . Finally, NEDBANK

It is the fifth with total assets of $78.6 billion. Nedbank Group is a financial services group headquartered in Johannesburg South Africa. Nedbank’s primary market is South Africa. It also operates through banks in Eswatini, Lesotho, Malawi, and Mozambique amongst others.

It has offices in Angola and Kenya. Nedbank has offices to provide international financial services for Africa-based clients in Guernsey, Isle of Man, Jersey, the United Kingdom, and the United Arab Emirates.

Nedbank has an associate stake of 20% in Ecobank. The Nedbank-Ecobank Alliance is the largest banking network in Africa. It has more than 2,000 branches in 39 countries.

NEDBANK
NEDBANK

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