South Africa’s biggest local banks are under attack. They still dominate the retail market but mergers have increased competition and they are at varying stages of rationalization to achieve sharper focus. At the high end of the market corporate, investment and private banking they are losing market share to foreign banks and niche players.
Says Terry Davidson, general manager of Citibank: “Three years ago the big four [Standard, Nedcor, FNB and Absa] had 80% to 85% of market share and dominated in every area.
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