According to the South African Reserve Bank, Standard Bank dominates almost a quarter of South Africa’s R11 trillion banking sector, followed by FirstRand, Absa and Nedbank. By the end of 2023, the sector recorded R5.1 trillion in advances and R5.7 trillion in deposits, with Standard Bank holding a 24.9% market share, FirstRand 21.9%, Absa 21.8% and Nedbank 16.5%. Denker Capital banking analyst Kokkie Kooyman attributes Standard Bank’s success to three key factors, including good management and skilled employees, a large balance sheet and a strong deposit base.
