Southern Africa's biggest banks have strengthened their already formidable position over the past year, to retain a dominant position in Africa's Top Banks 2026. Combined Tier 1 capital among the region's banks in the Top 100 increases from $40.4bn to $47.5bn, a rise of about 17%, while total assets reach $645.3bn. As always, our Southern African Top 20 regional table is dominated by South Africa, whose six biggest institutions account for about 84% of the capital held by the region in the continental Top 100.
Standard Bank Group retains first place with $15.7bn in capital, more than twice the figure of its next biggest regional rival FirstRand with $6.54bn - narrowly ahead of Absa Bank on $6.49bn. Nedbank is fourth with $5.53bn, Investec Bank fifth on $3.03bn and Capitec Bank sixth with $2.68bn.
The South African market combines remarkable stability at the top with genuine competitive disruption. Standard Bank, FirstRand, Absa and Nedbank remain huge universal banks with large corporate banking operations, yet Capitec has demonstrated that a challenger can attract large numbers of customers while achieving high profit levels.
Beyond South Africa, Mauritius is Southern Africa's second most important financial centre. Mauritius Commercial Bank takes seventh place in the regional ranking with $1.75bn in capital and assets of $20.8bn, while SBM Bank Mauritius, Investec Bank Mauritius and AfrAsia Bank all also make it into the regional table, reflecting Mauritius's role as an international financial centre and investment gateway.
Originally published by African Business.