Two state-owned Chinese banks are neck-and-neck with Capitec as they race to catch up to SA's big 5
- Capitec is now one-fifth the size of Investec, after strong growth in its assets in 2017.
- But the Johannesburg bank of the state-owned Bank of China grew far faster, and is now roughly half the size of Capitec by assets.
- Counting in the China Construction Bank, the Chinese state is keeping neck-and-neck with Capitec as SA's 6th biggest banker.
Capitec's total assets grew by 21.34% in 2017, the annual report of the Reserve Bank's supervision department shows, at just over R87 billion at the end of the year.
That has it – slowly – creeping up on the five biggest banks by far in SA, which recorded much slower growth. FirstRand Bank's assets grew by 10.23%, but its large peers all saw single-digit percentage increases.
Capitec is now about one-fifth the size of Investec, and a little under 7% the size of Standard Bank, which remains the biggest by assets.
But despite its rapid growth Capitec remained only just ahead of the two state-owned Chinese banks operating in South Africa, the Johannesburg branch of Bank of China, and the China Construction Bank.
The Reserve Bank reported a 35.74% increase in Bank of China's total assets in 2017, easily offsetting a small reduction in the assets of China Construction Bank's Johannesburg branch.
Between them the two Chinese banks hold R80.4 billion, compared to Capitec's R87 billion.
1. Standard Bank: R1.25 trillion (up 1.64%)
2. FirstRank Bank: R1.12 trillion (up 10.23%)
3. Absa Bank: R983 billion (up 7.51%)
4. Nedbank: R892 billion (up 2.60%)
5. Investec Bank: R415 billion (up 7.29%)
6. Capitec Bank: R87 billion (up 21.34%)
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