South Africa’s banking sector, Africa’s largest in terms of Tier 1 capital and assets, has endured yet another tough year. With the exception of FirstRand, all six of its lenders in Africa’s top 25 ranking experienced falls in their dollar-denominated Tier 1 capital, reflecting the country’s weak economic growth and the heavy depreciation of the rand, which lost 17% of its value versus the US currency in 2013.
Philip Alexander reports on the full results of The Banker’s Top 1000 World Banks ranking 2014, in the story Top 1000 World Banks 2014: Back on track?