Top private banks in South Africa

Nedbank Private Wealth took the top spot at the 2023 Intellidex Top Private Banks and Wealth Managers Awards, followed by Standard Bank Private Banking and RMB Private Bank.

This is the twelfth edition of the Intellidex Top Private Banks and Wealth Managers survey, which ranks wealth managers and private bankers on a range of products and services.

The research process involves a comprehensive questionnaire completed by participating banks and wealth managers and an online client survey.

The awards are based on various criteria, including client satisfaction levels, investment returns, value for money, and the likelihood of clients recommending the services to others.

The Top Private Bank award was based 40% on the judges’ assessments of responses in the firm questionnaires and 60% on client ratings from the online survey.

In this year’s survey, Nedbank Private Wealth delivered a strong performance and jumped into the top spot from fifth in 2022. It also won the young professional and retiree archetype awards in the private banking section. 

“We are honoured to receive this recognition, particularly given that it comes in a year in which participation in the research by clients and private banking firms reached record levels,” Nedbank Wealth Management managing executive Nandiswa Mxokozeli said.

Standard Private Bank moved from third last year to second in 2023, displacing RMB Private Bank, which dropped to third.

Top Private Bank rankings

InstitutionRankOut of 10 (Weighted)
Nedbank Private Wealth17.83
Standard Bank Private Banking27.65
RMB Private Bank37.64
FNB Private Wealth47.53
Absa Private Wealth Banking56.8


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