International banking advisory group Lafferty has ranked Capitec bank as the best bank in the world in its inaugural Bank Quality Rankings.
Lafferty uses a combination of financial and non-financlial disclosures in banking groups’ latest annual reports to determine the quality of the organisations and their respective business models.
Among the indicators analysed are strategy, culture, customer satisfaction, executing brand promises and other criteria.
According to the report’s findings, Capitec came out on top, with the only 5 star rating out of the 100 banking groups listed.
Lafferty Group founder and chief executive Michael Lafferty said the ratings were an independent global measure of bank quality and were intended for those who manage, direct, advise, regulate and use the services of banks worldwide.
The group said that only “the very best banks” receive five stars.
“Our aim is to promote excellence in banking – for customers, staff, communities, society at large and not least for bank shareholders and investors,” he said.
“The methodology is founded on extensive research with senior bankers, regulators and shareholders around the world and has been particularly influenced by the work of the Bank of England and the Max Planck Institute in Berlin,” Lafferty said.
After Capitec, Absa was the second highest ranked local bank with 4 stars – with Standard Bank, Nedbank and FirstRand also appearing among the top 100.
Capitec ranked above global banks such as HSBC, Deutsche Bank, Goldman Sachs, JPMorganChase, UBS and WellsFargo.
The top 10 global banks according the 2016 Lafferty Bank Ratings are:
|1||Capitec Bank||South Africa||★★★★★|
|2||Barclays Africa||South Africa||★★★★|
|10||National Bank Kuwait||Kuwait||★★★★|