Banking

This chapter outlines how South Africa’s well-capitalised banks have weathered the global economic crisis with aplomb, largely thanks to a robust regulatory environment. Rising competition and efforts to engage the large unbanked population have also helped the sector recover from the effects of the global downturn. At the close of 2011, the sector comprised 17 registered banks, two mutual banks, 12 branches of foreign banks and 43 foreign banks operating local representative offices. However, the sector remains dominated by four major banks that together accounted for around 84% of total banking assets at the end of 2011. This chapter contains interviews with Gill Marcus, Governor, South Africa Reserve Bank (SARB); Mike Brown, CEO, Nedbank; and Sim Tshabalala, CEO, Standard Bank.