VENTURES AFRICA – Although it has slipped out of the top 100 global bank, South Africa’s Standard Bank is still Africa’s largest bank, as listed in the 2012 top 1000 global banks list released by The Banker.
According to the list, Standard Bank Group is no longer at the 94th spot it occupied last year, it is now 112th. However, it still retains its status as the largest in Africa, which shows the balance sheet muscle the group is using to pursue mostly organic growth in sub-Saharan Africa.
The ranking highlights the overall health of the group. “We are well capitalised, profitable and have a clear growth path (and) our strong capital position provides a stable platform for further growth” said Sim Tshabalala, deputy CEO of Standard Bank, on Wednesday.
Tshabalala added the group plans to build on-the-ground banking franchises in chosen markets in Africa and invest in people and systems.
In the official statement, The Banker explained how Standard Bank lost out of the top 100.
“Standard’s tier 1 capital decreased from $12bn to $9,8bn in 2011, causing it to drop from 94th (position) to 112th in the ranking, leaving Africa without any banks in the top 100 (of global banks)”, it said.
FirstRand was ranked second among the top 25 banks in Africa, followed by Nedbank in third place.