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The South African Reserve Bank (SARB) is the central bank of South Africa. It was established in 1921 after Parliament passed an act, the "Currency and Bank Act of 10 August 1920", as a direct result of the abnormal monetary and financial conditions which World War I had brought.
This is a list of commercial banks and other credit institutions in South Africa, as updated late 2024 by the Reserve Bank of South Africa. [ 1 ] [ 2 ] List of commercial banks
Financial Sector Regulation Act, 2017. Prudential Authority within SARB. Financial Intelligence Centre Act, 2001 and Financial Intelligence Centre. Financial Sector Conduct Authority (FSCA). Financial Advisory and Intermediary Services Act, 2002 (FAIS). National Credit Regulator (NCR) National Credit Act, 2005 (NCA).
Lesetja Kganyago (born 7 October 1965) is a South African economist and central banker. He is the Governor of the South African Reserve Bank (SARB). [1] He was appointed to that post on 6 October 2014, by Jacob Zuma, the former President of the Republic of South Africa (RSA). [2]
A central bank, reserve bank, national bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union. [1] In contrast to a commercial bank , a central bank possesses a monopoly on increasing the monetary base .
Standard Chartered South Africa, whose full name is Standard Chartered Bank South Africa, often referred to as Stanchart South Africa, is a commercial bank in South Africa. It is a subsidiary of British Standard Chartered and is registered as a Foreign Bank, by the South African Reserve Bank. [1] The bank is a large financial services provider.
[5]: 13 It was only in 1975 when R1 million was raised and met Reserve Bank approval, that it was founded. [5] The original African Bank Limited , was established on 31 July 1975, and was a subsidiary of African Bank Investments Limited , then a bank-controlling company listed on the Johannesburg Stock Exchange . [ 6 ]
The FirstRand Group was established in 1998, by the merger of First National Bank of South Africa, Rand Merchant Bank and Momentum Insurance & Asset Management. FirstRand is listed as a "locally controlled bank" by the South African Reserve Bank , the national banking regulator. [ 8 ]