Best bank 2025: Standard Bank
Standard Bank reaffirmed its leadership in South Africa’s financial sector in 2024, delivering double-digit earnings growth in its home market and strengthening its franchise through digital innovation, product depth and sustainability-driven lending.
The group’s overall headline earnings rose 4% to reach R44.5 billion ($2.5 billion), supported by strong momentum in South Africa, which contributed 71% of the group’s total income by geography. The bank’s cost-to-income ratio improved to just over 50.9%, while its active client base increased 4% year-on-year to reach 20 million – growth driven primarily by the domestic market.
Customer experience was another clear differentiator. Standard Bank ranked first for consumer banking in the University of Pretoria’s 2024 Customer Experience Index, reflecting consistent investment in service quality and channel integration. Digital adoption continued to accelerate across the group: users of the Standard Bank Super App grew 12% year-on-year to 3.5 million, and internet banking clients rose 9% to 2.5 million.
In South Africa, 64% of retail transactional clients and 84% of SME clients were digitally active by year-end, reflecting successful investments in mobile and online platforms that have improved accessibility and service delivery. Monthly mobile app logins by retail clients exceeded 130 million, while SME mobile banking volumes rose by 10%. With 90% of all South Africa business banking transactions now conducted digitally, the bank’s steady migration to digital channels is reshaping the customer experience across personal, private and commercial segments.
South Africa remained central to Standard Bank’s sustainable finance strategy. Of the R74.3 billion deployed in sustainable finance across the group in 2024, the majority supported projects within South Africa, including utility-scale renewables, affordable housing and urban regeneration. With a 31% domestic market share and R80 billion in cumulative commitments, Standard Bank is the country’s leading funder of renewable energy. It also supported the Trust for Urban Housing Finance’s urban securitisation platform, which focuses on regeneration and socioeconomic development in South Africa’s under-served cities.
“We have three main themes of our strategy: transform client experience, execute with excellence and drive sustainable growth and value,” says CEO Sim Tshabalala. “Our 2024 performance was the result of diligent execution against each of these strategic objectives.”
In a competitive and evolving market, Standard Bank remains the institution of choice for individuals, businesses and institutions across South Africa.
Best investment bank 2025: Standard Bank
Standard Bank has reasserted its position as South Africa’s leading investment bank, with a strong performance across equity, debt and loan markets in 2024. It grew domestic investment banking revenues by 10% year-on-year, underpinned by momentum in loan origination, infrastructure funding and sustainable finance.
In equity capital markets, Standard Bank led two landmark transactions that injected momentum into primary equity activity on the Johannesburg Stock Exchange (JSE). It served as joint global coordinator and underwriter for Pick n Pay’s R4 billion ($225 million) rights offer, which achieved a 2x oversubscription rate and marked the first leg of the retailer’s two-step recapitalisation strategy. The second leg was the carve-out IPO of its Boxer subsidiary, where Standard Bank acted as joint global coordinator and bookrunner on the R8.5 billion listing – the largest new offering on the JSE since 2017.
In debt capital markets, Standard Bank ranked first in the Bloomberg South Africa bonds league table, with a deal volume of R47.1 billion and a market share of 30.4%. Major deals included a R6 billion government-guaranteed bond for Transnet, priced 43 basis points inside initial guidance, and a R1 billion auction for the New Development Bank – its third issuance in the South African market in the space of 12 months. The latter achieved the tightest spread for any non-government issuer in the local market at the time.
The bank also led a R1.7 billion, three-tranche bond issuance for MTN, which was 2.5x oversubscribed and saw significant investor diversification.
Standard Bank’s digital innovation added further strength. Its proprietary syndicated loan platform, Reach, improved deal execution and transparency across multi-lender facilities. “Managing loans on Reach allows for transparency and easy access – and with this comes efficacy,” says Luvuyo Masinda, CEO of Standard Bank CIB.
In Dealogic’s 2024 syndicated loan league tables for South Africa, the bank ranked first in the lender category, with a 26% market share, and second in the mandated lead arranger category with 34%.
By combining capital markets leadership, balance sheet strength and digital execution tools, Standard Bank delivered high-impact results in a challenging market – solidifying its reputation as the investment bank of choice in South Africa.
Best investment bank for DCM 2025: Absa
Absa has demonstrated exceptional performance and innovation in South Africa’s debt capital markets (DCM), positioning itself as the leading force in the region. Over the year, the bank has strategically bolstered its market share, capturing a significant portion of the DCM landscape through expert execution and client-centric solutions.
A standout transaction was the R1.5 billion ($84 million) sustainability-linked bond for Sappi Southern Africa, where Absa acted as sole arranger and sustainability adviser. This first-of-its-kind issuance in the packaging and paper industry was over 4x oversubscribed, reflecting investor confidence and Absa’s ESG leadership.
Internationally, Absa served as joint global coordinator and bookrunner on Canada-headquartered copper miner First Quantum Minerals’ $1.6 billion senior secured notes, the largest underwriting role among South African banks.
Other notable mandates included sole arranger roles for Vukile Property Fund, Redefine Properties, Mercedes-Benz SA, Growthpoint, Woolworths, and Fortress Property – totaling billions in ZAR issuance.
Absa’s consistent performance, innovation and client-centric approach solidify its position as South Africa’s premier DCM house.
Best bank for public-sector clients 2025: Nedbank CIB
Nedbank CIB has been exemplary in serving public sector clients across South Africa, underscoring its profound impact and commitment to this pivotal sector.
A standout achievement was the R4.5 billion ($251 million) term loan to the Trans-Caledon Tunnel Authority for the Mokolo-Crocodile River Water Augmentation Project (Phase 2A), a critical infrastructure initiative that enhances water security in Limpopo without increasing sovereign contingent liabilities.
Nedbank also led the R14 billion note restructuring for the Land Bank, coordinating over 50 funders and warehousing R6.2 billion of the government’s equity injection. This effort reinforced food security and agricultural development.
In Cape Town, Nedbank structured a R3.5 billion 15-year facility to fund the city’s record-breaking infrastructure programme, expected to create over 130,000 jobs and benefit low-income communities.
Beyond financing, Nedbank partnered with municipalities to deliver SME development programmes and supported Rand Water with a R1 billion multibank facility and primary banking services.
Best bank for ESG 2025: Absa
Absa has established itself as an exemplary leader in South Africa’s ESG banking space. The bank’s focused ESG strategy has been pivotal in driving remarkable sustainability advancements across its operations and in channelling significant investments towards renewable energy projects within the country.
Key innovations include the ChatWallet on WhatsApp, expanding access to banking for underserved communities, and the Credit Coach tool, which helps users improve their credit scores. Absa also partnered with the IFC to offer rebates on green-certified homes and signed a landmark $300 million green syndicated loan – the first of its kind for a South African bank.
Absa’s ESG strategy is underpinned by robust governance, including a sustainability risk policy, sector-specific financing standards, and a comprehensive environmental and social risk assessment process. The bank has reduced its own emissions by 33% since 2018 and set ambitious decarbonisation targets, including a 25% reduction in coal-related emissions by 2030.
Through its Sustainability Capability Academy and board-level climate training, Absa is building a culture of ESG leadership – positioning itself as a key enabler of Africa’s sustainable future.
Best bank transition strategy 2025: Rand Merchant Bank
Rand Merchant Bank’s transition strategy is rooted in innovation, risk management and deep sectoral expertise – helping corporates and public entities align with global climate goals while maintaining financial resilience.
In 2024, RMB launched a suite of transition finance solutions, including sustainability-linked loans, green bonds and bespoke advisory services. The bank played a pivotal role in structuring South Africa’s first transition bond for a heavy industry client, linking financing terms to emissions reduction milestones.
RMB also expanded its ESG advisory platform, supporting clients in carbon disclosure, climate risk assessment, and science-based target setting. Internally, the bank aligned its portfolio with the Paris Agreement and committed to net-zero financed emissions by 2050.
Through strategic partnerships, innovative financing and a client-centric approach, RMB is enabling South Africa’s economic transformation – balancing environmental responsibility with inclusive growth.
Best bank for large corporates 2025: Standard Bank
Standard Bank earns the title of South Africa’s best bank for large corporates thanks to its strong client growth and innovative corporate solutions.
With over 2,900 new-to-bank clients onboarded in 2024 and R11.4 billion ($636 million) in liability growth, the bank demonstrated strong momentum in its premium and commercial banking segments.
Standard Bank introduced several impactful solutions, including its Proactive Lending initiative, which offered R4.7 billion in pre-approved credit to clients – resulting in R1.1 billion in disbursements. The bank also launched Partner Equity Funding for professional services firms and a cutting-edge payments and collections API in partnership with a leading fintech.
Structured debt solutions were a standout, with bespoke deals such as a management buy-in for a manufacturing firm, a strategic equity subscription for a high-growth startup, and a transformative acquisition for a client expanding its corporate base.
The bank also implemented an ESG screening tool for credit transactions and refreshed its client value proposition to deliver high-touch, sector-specialised relationship management. With a strong pan-African presence and a commitment to innovation and sustainability, Standard Bank continues to be the trusted partner for South Africa’s largest corporates.
Best bank for sustainable finance 2025: Nedbank
Nedbank has been named South Africa’s best bank for sustainable finance 2025. With R183 billion ($10.2 billion) in sustainable development finance exposures – representing 19% of total gross loans and advances – Nedbank is on track to meet its 2025 target of 20%.
A standout achievement was the issuance of a R2 billion sustainability tier 2 bond, combining green and social impact categories. Proceeds will support affordable housing for women, sustainable water infrastructure, and climate-smart agriculture – addressing critical challenges like gender inequality, water scarcity and food security.
Nedbank also expanded its reach into West Africa, with a €18.5 million ($21.6 million) sustainability-linked loan for Côte d’Ivoire’s Cosmos Yopougon Shopping Centre, the first Edge-certified building in Francophone West and Central Africa. Domestically, it financed the R4.5 billion Mokolo-Crocodile River Water Augmentation Project and partnered with DP World to support supply chain finance and smallholder farmers.
With sector-specific carbon reduction glidepaths, alignment to Task Force on Climate Related Financial Disclosures and International Financial Reporting Standards S1/S2, and a dedicated sustainable finance solutions team, Nedbank continues to lead the way in financing South Africa’s transition to a low-carbon, inclusive economy.
Best bank for SMEs 2025: Absa
Absa has been recognised by Euromoney as South Africa’s best bank for small and medium enterprises (SMEs) 2025. With a 7% increase in active SME customers and a 17% rise in new transactional accounts, Absa demonstrated strong year-on-year growth in its SME business unit.
A standout initiative was the enhanced Youth & Women in Business proposition, which led to a 312% increase in new client onboarding and a 207% growth in loans issued to these groups. The offering includes fee waivers, alternative lending up to R5 million ($0.28 million), discounted insurance, and access to training and networking platforms like Udemy and Lionesses of Africa.
Absa also launched multiproduct digital onboarding for merchant services, enabling SMEs to access SmartPay, SmartMobi and Mobile Pay through a single streamlined process. In agribusiness, Absa partnered with the Department of Agriculture to deliver R1 billion in blended finance and supported the Khula! App, which connects small farmers to markets and funding.
With tailored relationship management, simplified onboarding via the Bado platform, and a customer-centric segmentation model, Absa continues to lead in SME banking – driving inclusive growth and financial resilience across South Africa.
Best investment bank for M&A 2025: Rand Merchant Bank
Rand Merchant Bank’s robust deal flow and strategic advisory support the bank’s win as best investment bank for M&A. With a commanding R67.5 billion ($3.76 billion) in deal value and a 19% market share, RMB once again topped the M&A league tables for the year.
RMB advised on several landmark transactions, including Chappal Energies’ $1.2 billion acquisition of Equinor Nigeria Energy Company – one of the largest cross-border energy deals in Africa.
Domestically, RMB led the R3 billion sale of The Beverage Company to India’s Varun Beverages, and the R6.75 billion sale of Swiftnet to Actis and Royal Bafokeng Holdings, helping Telkom unlock value and reduce debt.
Other standout deals included the sale of The Courier Guy to Adenia Capital, the acquisition of Rolfes Holdings by Solevo Group, and the R2.8 billion sale of Bidvest Bank to Access Bank. RMB also advised on the proposed delisting of Barloworld in a R120-per-share offer – one of the largest South African transactions in a decade.
Best bank for independent advisory 2025: Rand Merchant Bank
Rand Merchant Bank (RMB) has strategically positioned itself in the competitive market of independent advisory through a consistent suite of deals and innovative solutions.
In 2024, RMB advised on over R35 billion ($1.95 billion) in equity capital markets transactions, including the landmark R8.5 billion IPO of Boxer Retail – the largest JSE listing since 2017. RMB also led the R4 billion rights issue for Pick n Pay, a key step in the group’s two-part recapitalisation strategy.
RMB’s advisory strength extended to complex restructurings, such as Brait plc’s holistic recapitalisation plan, which included a R1.5 billion rights offer and amendments to existing bonds. In private capital, RMB advised on the R3 billion sale of The Beverage Company to India’s Varun Beverages
These transactions underscore RMB’s ability to deliver independent, client-centric advice on South Africa’s most transformative deals. With deep sector expertise, global reach and a reputation for excellence, RMB continues to set the benchmark for advisory services in the region.
