Banks play a critical role in South Africa’s economy. They safeguard people’s money, offer opportunities for investment, and provide financial education. Additionally, they extend loans to businesses, which can drive economic growth and potentially create jobs.
Despite this recognition, few know the individuals behind these banks. Let’s take a closer look at who owns these major South African banks:
1. FNB (First Rand Bank):
Founded in 1838 in Grahamstown, it is currently owned by FirstRand Limited.
Established by Michiel Le Roux in 2001, he presently holds an 11% stake in the company.
Formed in 1991 through a merger of various groups, ABSA has seen changes in ownership and is currently owned by Barclays.
Founded on March 1, 1888, in the Netherlands, it has several shareholders, with the major one being Old Mutual.
Established in 1962 by John Paterson, it is now owned by multiple companies, with a significant shareholder being the Industrial and Commercial Bank of China.
Type Bank was founded in 2016 by Deloitte in collaboration with the MTN Group. It was later sold to ARC, a company owned by Patrice Motsepe.