+27 87 551 0606

8am - 5pm CAT

Sandton, Gauteng, South Africa

The Best Banks to Work for in South Africa

The South African banking system is highly competitive with increasing pressure from technology-based banks entering the sector. The industry is highly concentrated with five of the country’s largest banks holding over 90% of total assets in March 2021 which are valued at approximately R5.8 trillion.

The sector for someone that wants job security, and a comfortable lifestyle can be very attractive. With total assets from all registered banks amounting to R6.5 trillion and mutual banks carrying an estimated value of R3.6 billion, you can land yourself a stable job, and reap fruitful benefits.

If you are considering a career in one of the banks in South Africa, here is some useful information that can guide you when deciding which of the banks to target. According to the Prudential Authority, the top five include:

  1. Standard Bank

Standard Bank is one of the oldest banks in South Africa, with a 155-year history and operations within 20 countries across the African content. The bank operates across 3 segments which are Personal & Business Banking, Corporate & Investment Banking, including Private Clients and is focused on applying its expertise in natural resources, globally, to connect selected emerging markets to Africa.

Standard Bank has a market share of 24% with approximately R1 550 billion in total assets. It is an equal opportunity employer and believes in hiring people with an adventurous spirit, who are confident, knowledgeable, and have relentless energy. If this is you, you better add Standard Bank to the list of companies that can turn your dreams into reality!

  1. First Rand (FNB)

First Rand, listed on the Johannesburg Stock Exchange (JSE) and the Namibian Stock Exchange (NSX) is the largest financial institution by market capitalisation in Africa. It has an integrated portfolio in relation to financial services and operates in South Africa, certain markets in Sub-Saharan Africa, the UK, and India. The bank provides customers with competitive and differentiated value propositions using its unique and highly flexible model of leveraging the most appropriate brand, distribution channel, licence and operating platform available within the portfolio.

It has a market share of 21.7% and an estimated asset value of R1 400 billion. If you want to receive more than just a salary and benefits, FNB is the bank for you. The bank believes in taking good care of its employees and providing a great work experience that is rewarding at every level. FNB provides a platform for its employees to build rewarding relationships with multi-disciplinary teams, a space to make a difference by contributing innovative ideas to projects and ongoing development opportunities through development programmes, knowledge sharing opportunities and bursaries.

  1. Absa Bank

Absa bank, a wholly owned subsidiary of the Absa Group provides a wide range of services within retail, business, wealth management, corporate and investment solutions to customers and clients across South Africa. The bank is listed on the Johannesburg Stock Exchange (JSE) and is part of Africa’s largest financial services group with a presence in 12 countries across the African continent.

Absa’s market share is sitting at 19.5% with total assets estimated to be at approximately R1 260 billion. The bank deems that its strength lies in its employees and is invested in providing them with growth opportunities that will help them achieve their full potential. It has an all-inclusive growth strategy in place which ensures that all employees are empowered and provides a stable platform and business structure for anyone to grow their career.

  1. Nedbank

Nedbank is a South African financial services provider that provides wholesale and retail banking, as well as insurance, asset management, and wealth management. The bank ensures the provision of a working environment that encourages employees to bring the organisation’s value to life and has plans in place to grow both the people and business to achieve the desired impact.

Nedbank has a market share of 17.2% and roughly R1 110 billion in assets. It is invested in supporting its employees throughout their learning, growing, and adaptation to change. It helps grow employees by enabling career mobility, awarding internal bursaries for future qualifications, and providing support to talent through learnerships and internships. If you are a Nedbank employee, you will also have access to a wide range of digital learning courses as well as guidance with regard to career and development assessments.

  1. Investec

Investec was founded in 1974, in Johannesburg South Africa. It is an international bank as well as a wealth manager and the bank’s main focus is developing enduring wealth for its stakeholders. Investec publicly trades in Johannesburg and London and employs approximately 8 200 people across its core geographies of the UK and South Africa, as well as other locations across the globe.

The banks market share is sitting at 7.6% with total assets estimated to be at R490 billion. When applying for a position at Investec, the recruitment team goes beyond looking at your CV and qualifications. They look at the qualities that define you as an individual and try to see your full potential. The bank was recognised as the #1 Employer of Choice by the South African Graduate Employer Association during the 2021 awards and provides opportunities across various segments including but not limited to client support, HR, IT, marketing, banking, property, and fraud.

The South African banking industry is said to be a “marketplace without boundaries”. So, take your career to the next level, and play a part in the implementation of digital solutions, low-cost operating models and supply-chain integration. Regardless of the sector you choose, be it customer support, IT, HR, or PR, if you feel that you are the right fit, use the guide to help you select which bank you would like to help in responding to the growing threats in the retail banking industry.

  • Share this post

Leave a Comment