Top 5 financing institutions in South Africa
A financial institution is an establishment that conducts financial transactions such as investments, loans and deposits. Almost everyone deals with financial institutions on a regular basis. Everything from depositing money to taking out loans and exchanging currencies must be done through financial institutions.
There are three major types of financial institutions:
- Depository institutions – deposit-taking institutions that accept and manage deposits and make loans, including banks, building societies, credit unions, trust companies, and mortgage loan companies.
- Contractual institutions – insurance companies and pension funds.
- Investment institutions – investment banks, underwriters, brokerage firms.
With that being said let’s have a look at the top finance institutes in the various sectors of banking, insurance and investment banks.
The information for the first three companies is according to the annual publication Top 500 South Africa’s Best Managed Company, with help from the University of Cape Town. The study splits the finance industry into 10 main sectors; picking the leading company from each.
- Short-term insurance – Santam Limited
Santam Limited has held the top spot for six consecutive years now in the short-term insurance category. It’s the largest company in the industry with the second highest employee efficiency.
- Life Insurance – Liberty Holdings
Liberty has the highest turnover for the period in review, and strong efficiency per employee.
- Bank – Standard Bank
Standard Bank tops the banking charts. It has the sector’s highest turnover, along with the highest rand growth and strong employee efficiencies. Standard bank is also included as one of the country’s big five” banks in the retail market.
- Bank – Capitec
This banking institution wins in the Best Digital Bank category especially since we know that digital is everything and a must these days. Capitec, voted South Africa’s best digital bank in the 2017 SITEisfaction survey, reported 220 753 cellphone and internet banking transactions over the six months ended August 31 2017, up 39% year-on-year.
- Investment Bank – Rand Merchant Bank (RMB)
As far as Investment and merchant banking goes the most competitive in the industry and one who dominates is RMB. Who won the Investment Bank of the Year award in 2017 for the fifth year running. The award is made by the “African Banker magazine” to the most innovative investment bank operating in Africa.