Which banks are the richest banks in Africa? Home to over 1.3 billion individuals, the continent of Africa is home to practically 17% of the world’s entire populace. As per the United Nations, the continent is home to 54 nations.
Every one of them is special and different, showcasing their own economic and cultural contrasts. As far as banking, the locale overall has different remarkable players that cater to its enormous populace.
We have collated the best ten richest banks in Africa and positioned them (in view of asset). Put together, our top ten rundown would be esteemed at more than $600 billion USD. A noteworthy fact would be that just South Africa alone holds four positions on the list.
Compiled below is our rankings of the Top 10 Richest Banks in Africa:
Top 10 Richest Banks in Africa
10. BANQUE EXTERIEURE D’ALGERIE (ALGERIA)
Tumbling down the ranks from 9 to 10 with $3.2 billion, the External Bank of Algeria (BEA) is an Algerian business bank. It was set up in 1967, and is situated in Bir Mourad Rais. In 1970, all financial operations with foreign nations completed by the most significant national organizations in Algeria were assigned to the BEA.
In 1989, the bank substituted its status to be a joint stock organization.
9. BANQUE NATIONALE D’ALGERIE (ALGERIA)
This bank has fallen on the ranks from number 8 to number 9 with $3.4 billion. The bank, otherwise called National Bank of Algeria (BNA), is Algeria’s top commercial bank.
Established on June 13, 1966, it completes every one of the activities of a deposit bank, offering monetary types of assistance for professional organizations and groups. It manages all banking, change and credit activities inside the legislation system and the regulations of banks.
8. BANQUE MISR (EGYPT),
Banque Misr is the eighth richest bank in Africa. Banque Misr scaled down from number 11 to number 8 and was set up in 1920 as the premier entirely Egyptian -owned bank. It boasts of a resource base of $54.62 billion.
Banque Misr has financed numerous organizations crossing across various domestic areas, for example, materials, insurance, transportation, entertainment, aviation and filmmaking.
At present, BM possesses shares in 157 organizations across various fields going from finance, the travel industry, lodging, horticulture and food, and communication and data innovation.
7. BANQUE CENTRALE POPULAIRE (MOROCCO)
Banque Centrale Populaire (BCP) remains at number 7 with a level 1 capital of $4.7bn.
Situated in France, the Banque Centrale Populaire is an collective of banks established in 1878. The bank is available in more than 40 nations and funds more than 20% of the French economy.
6. FIRSTRAND BANK (SOUTH AFRICA)
South Africa’s FirstRand bank descends from number 3 to number 6 with tier 1 capital down 9% to $5bn (a big part of this is because of FX). FirstRand is, as yet, the most profitable in the best 10 estimated by return on equity (ROE) with an extremely amazing 17% (down from a gigantic 30% in last year’s positioning).
With operations in South Africa, India and United Kingdom, FirstRand bank is one of the biggest financial organizations in Africa.
With a history of extremely superior returns to its shareholders, the bank gives a widespread arrangement of transaction-based, investment, loaning and insurance products and services.
5. ATTIJARIWAFA (MOROCCO)
Attijariwafa Bank climbs up one spot to number 5 with a tier 1 capital of $6 billion. This makes it the fifth wealthiest bank in Africa.
With north of 10 million customers being catered to in 25 nations, Attijariwafa Bank is a main player in the Moroccan and African financial area.
Established in 1904, “Believe in you” is the bank’s motto, and assumes a functioning part in Morocco’s social advancement by supporting communities with disadvantages.
4. NEDBANK GROUP (SOUTH AFRICA)
Nedbank has climbed higher from number 5 to number 4, with capital likewise up 6% to $5.5 billion. Nedbank Group zeroes in its market on South Africa, with 692 branches and proceeding to grow to the remainder of the African continent.
They proffer a scope of retail and wholesale services in banking, as well as developing insurance and asset and wealth management services.
3. ABSA GROUP (SOUTH AFRICA)
South Africa’s Absa Bank goes down to number 3. Its capital had only gone up 6% to $6.3 billion, mostly hauled back as the South African rand slipped to 4.6% against the US dollar in the year to December 2020.
Absa Group has at least a branch in 12 nations across the African continent and values being an African brand. With employees numbering around 42,000, the bank was established in 1991 and was in the past referred to as Barclays Africa Group Ltd.
They offer individual and commercial banking, credit cards, investment and wealth management along with corporate services.
2. NATIONAL BANK OF EGYPT (EGYPT)
The National Bank of Egypt climbs up two spots to come in number 2 with a 26% growth in capital propelling it to $6.7 billion. However, it actually has quite a long way to go to challenge the Ruler of Africa’s financial savannah.
Established in 1898, the National Bank of Egypt is the most seasoned business bank in Egypt. Since its commencement, NBE has ceaselessly evolved to stay aware of the diverse political and financial stages in Egypt, accepting the national banks obligations during the 50s.
With 510 branches cross country serving 14 million clients, the bank additionally has a global presence.
1. STANDARD BANK GROUP (SOUTH AFRICA)
Standard Bank has kept up with its position as Africa’s biggest loan specialist on the continent — a position it has clung to for more than 20 years — with a 5.8% increase in its Tier 1 capital base. It is the only one of South Africa’s enormous four to record such an expansion.
The Standard Bank group is a financial organization, offering banking and monetary services to people, businesses, organizations and partnerships both in Africa and globally. With a solid client focal point, the bank’s course depends on client and customer experience as the scene of the African economy changes.
With the most recent rankings, North Africa presently has 45 banks in Africa’s best 100, up from 42 last year and Egypt and Tunisia each have two more highly-rated banks. Southern Africa’s portion falls back from 25 to 22, with South Africa and Namibia each losing banks from the highest ranking, albeit this could somewhat be because of currency fluctuations.
South Africa has 28% of the entire financial tier 1 capital, beating Egypt’s 20%, Morocco’s 13.5% and Nigeria’s 10.6%. Nonetheless, by area, North Africa is ahead, with 45% of the complete capital (on the up from 44% last year), contrasted with 34% in Southern Africa (down from almost 36%).
There are as yet 12 Nigerian banks in the best 100.