Five South African banks were featured on the Forbes The World's Best Banks list with Capitec rated as the best South African bank. 
Photographer: Lalinka Mahote. African News Agency/ (ANA)
Five South African banks were featured on the Forbes The World's Best Banks list with Capitec rated as the best South African bank. Photographer: Lalinka Mahote. African News Agency/ (ANA)

Five SA banks feature on Forbes' 'The World's Best Banks' list

By Dhivana Rajgopaul Time of article published Jun 15, 2020

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DURBAN - Five South African banks were featured on the Forbes 'The World's Best Banks' list with Capitec rated as the best South African bank. 

Forbes partnered with market research firm Statista to create the list of 'The World's Best Banks'. For the list, Statista surveyed more than 40000 customers across the world for their opinions on their current and former relationships with banks. The Forbes list includes banks from 24 countries. 

General satisfaction and key attributes like trust, fees, digital services and financial advice were the criteria that the banks were rated on. 

Some of the banks that were mentioned on the list include Tesco Bank, Virgin Money Holdings, the Bank of Montreal, Bank Australia, ICICI Bank and Standard Chartered Bank amongst others. 

Capitec was the highest-ranked SA bank, followed by newly-launched Tymebank which is South Africa's first fully digital bank. First National Bank (FNB), Nedbank and Bidvest rounds up the top five local banking institutions on the list.

Here's a look at the ranking:

Ranking Name of bank Headquarters City Headquarters Country Employees
1. Capitec Stellenbosch South Africa 13333
2. Tymebank Johannesburg South Africa
3. First National Bank (FNB) Johannesburg South Africa 46284
4. Nedbank Sandton South Africa 31277
5. Bidvest Bank Johannesburg South Africa 1179

"We’re humbled by this acknowledgement," TymeBank Chief Executive Tauriq Keraan said. 

"To be recognised by such a credible international business authority, a mere 18 months after we launched TymeBank to the public, further reinforces that what we’re doing is having the right impact on customers."

BUSINESS REPORT ONLINE 

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