By: Dylan Stevenson, Struan Voster, Kevin Mackintosh and James Ogden Banking By: Dylan Stevenson, Struan Voster, Kevin Mackintosh and James Ogden

Types of Banks Investment banks Retail banks Commercial banks Online banks Central bank Private banks

History of Banks in South Africa The first bank in South Africa was the Lombard bank, which was established in 1793 in Cape Town The Cape of Good Hope Bank was the first commercial bank which was established in 1837 The Eastern Province Bank in Grahamstown was opened in 1938, by 1874 it had 3 other branches. By the early 1860s there were about 30 banks in the Cape Colony, 4 in Natal and one in the free state.

Imperial Banks from 1861 During the 1860s Britain identified South Africa as a worthwhile place to invest in. South Africa still mainly run by commercial banks such as ABSA. Standard Bank of British South Africa opened in 1863 By 1917 five major banks had emerged: The Nation Bank of South Africa now FNB, The Netherlands Bank of South Africa now Nedcor, The Standard Bank of South Africa, The African Bank Corporation and Stellenbosch District Bank. Later to new banks were established: Volkskas and Trust Bank. These two banks merged to form ABSA.

Commercial Banks after 1950 Main functions: accepting deposits, providing savings accounts, managing current accounts and lending money. Institutions started competing with banks by extending there services Shops did the same by offering credit and accounts at their stores.