Which banking CEO earns the highest salary?

With the remuneration of blue-chip financial institutions constantly under the microscope due to the precarious state of the global economy, BusinessTech takes a snapshot of the salaries of South Africa’s top five banking firms, including FNB, Standard Bank, Absa, Capitec, and Nedbank.


Michael Jordaan, CEO of First National Bank (FNB) pocketed R17.089 million in 2012, up from R14.787 million in 2011.

Jordaan’s cash package totalled R4.604 million, with performance related incentives and share awards totalling R11.52 million.

Chief executive of FirstRand, the holding company of FNB, Sizwe Nxasana was paid R22.48 million in 2012, including a performance related bonus of R9.6 million, and up from R19.58 million in 2011.


Absa Group chief executive Maria Ramos did not receive an increase in fixed remuneration during 2012 following the bank’s “disappointing” earnings last year.

Ramos was paid a basic salary of R6.07 million, along with a pension of R492,593, and additional benefits amounting to R99,488.

Ramos was also awarded R10 million as part of a long-term incentive plan, taking her total remuneration to R16.658 million.

Ramos was paid R20.7 million in 2011, including deferred awards of R14 million.

Absa Executive pay

Standard Bank

Jacko Maree, who stepped down as CEO of Standard Bank in March, took home R18.01 million in 2012, including R6.35 million in cash, but well off the amount of R27.24 million he pocketed in 2011, which included a deferred bonus of R9.04 million, and a cash award of R8.78 million.

Standard Bank took the rather unusual approach of appointing to joint CEOs to replace Maree, in Ben Kruger and Sim Tshabalala.

In 2011, Kruger earned R28.04 million, with Tshabalala taking home R23.99 million. In 2012, that amount declined to R20.11 million for Kruger, but increased to R24.050 million for Tshabalala.


For the 2012 financial year, Nedbank CEO Mike Brown was awarded total remuneration of R28.747 million, 10% higher than R26.14 million in 2011.

Nedbank Executive pay


Capitec CEO Riaan Stassen took home a salary of R9.605 million, and with a relatively small bonus of R965,000, he amassed R10.8 million in 2013, from R10.52 million in 2012.

According to an article In Business Report, Stassen made a pre-tax profit of R80 million from exercising share options and share appreciation rights during financial 2013.

The profit arose from options and rights granted in 2006, 2008 and 2009 when the Capitec share was trading at R30 to R35.

When the options and appreciation rights were exercised in April last year, the Capitec share was trading at about R216.

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Which banking CEO earns the highest salary?