The 10 Biggest Banks in Africa by Assets in 2015
The African banking landscape in 2015 was dominated by South African financial institutions, which occupied the top five positions by assets. According to a ranking by Jeune Afrique magazine, the top 10 banks on the continent were mostly South African groups . Moroccan and Egyptian banks also featured prominently among the largest institutions.
1. Standard Bank Group, South Africa – $184.5 Billion
Standard Bank Group was Africa’s largest bank by assets in 2015, reporting total assets of $184.5 billion (R1.98 trillion) . The group provided personal, commercial, and corporate financial services with branches in 32 countries, including 20 in Africa. The Industrial and Commercial Bank of China held a 20.1% stake in Standard Bank Group . In 2015, it expanded its African footprint with the opening of a representative office in Ethiopia .
2. Barclays Africa Group, South Africa – $97.2 Billion
Barclays Africa Group ranked second with assets of approximately $97.2 billion . The group was one of the few western banks to have a significant presence in sub-Saharan Africa. However, during 2015, Barclays executives began planning to pull out of the African business, which no longer fit the bank’s strategy .
3. FirstRand, South Africa – $89 Billion
FirstRand, the South African financial services group, ranked third with assets of approximately $89 billion . Its portfolio included First National Bank, Rand Merchant Bank, WesBank, and Ashburton Investments. The group delivered a strong 24.7% return on equity in 2015 and increased its employee count by nearly 4,000 during the year .
4. Nedbank Group, South Africa – $80.1 Billion
Nedbank Group ranked fourth with total assets of $80.1 billion . As one of South Africa’s four largest banks, the company operated nearly 2,000 outlets, 3,780 ATMs, and employed almost 40,000 staff, serving over 7 million clients .
5. National Bank of Egypt, Egypt – $51 Billion
The National Bank of Egypt was the largest Egyptian bank and the first North African institution on the list, with assets of **$51 billion** . Founded in 1898 with just over $1 million, it was Egypt’s oldest and largest bank. Nearly half of its assets were held in the United Kingdom .
6. Attijariwafa Bank, Morocco – $44.3 Billion
Attijariwafa Bank, Morocco’s leading banking group, ranked sixth with total assets of $44.3 billion . The institution provided banking and insurance services across Africa, with subsidiaries in Senegal, Tunisia, Mali, and several other countries. It employed over 16,000 people and controlled a large network of subsidiaries .
7. Banque Extérieure d’Algérie, Algeria – $34.4 Billion
This government-owned Algerian bank ranked seventh with assets of approximately $34.4 billion . The bank focused on commercial banking, asset management, and investment funds. It won the Best Banking Group award from World Finance in 2013 and had been operating since the 1960s .
8. Investec Bank, South Africa – $31.3 Billion
Investec Bank ranked eighth with assets of $31.3 billion . The bank served a niche client base in the United Kingdom, South Africa, and Australia. Globally, it managed over $105 billion in assets. The bank’s investment strategy focused on analyzing fundamental factors, valuations, and market price behavior .
9. First Bank of Nigeria – Tier 1 Capital Ranking
Based on Tier 1 capital (a key measure of banking strength), Zenith Bank was ranked 6th in Africa, while First Bank of Nigeria was 10th in Africa and rose from 424th to 371st in the global ranking . The Nigerian banking sector had nine banks in the top 25 in Africa, including Zenith, Ecobank, First Bank, GTBank, and Access Bank .
A Word on the Data
It is worth noting that ranking African banks by assets in 2015 presented challenges, as different sources used different metrics. Some reports used Tier 1 capital as the primary measure, while others used total assets . The most comprehensive data for total assets comes from the Moguldom ranking , which is based on the Jeune Afrique survey of over 1,000 African banks .
About the Author
My name is Dua Qamar, and I am a content writer with a strong interest in African finance and economic history.
Why I Wrote This Article:
I wrote this piece because 2015 was a pivotal year for the African banking industry. It was a period when South African groups dominated, North African banks held strong, and Nigerian institutions were emerging as important players. Understanding the players and their assets provides valuable context for anyone following Africa’s economic journey.
How I Approached This Topic:
My research drew on data from the Jeune Afrique ranking of African banks, the Moguldom analysis of the eight richest banks by assets, and reports from The Banker magazine on Tier 1 capital rankings. I cross-referenced multiple sources to present the most accurate picture possible.
Who This Article Is For:
This article is for anyone curious about Africa’s economic history, investors researching the African market, or business enthusiasts who want to understand the dominant players in the continent’s banking sector.
The Message I Hope Readers Take Away:
The African banking landscape in 2015 was dominated by South African groups, but institutions from Egypt, Morocco, Algeria, and Nigeria were also significant players. The rankings reflect the economic weight and financial sophistication of different regions on the continent.
Written by: Dua Qamar
