Standard Bank Group, Africas largest bank by assets, has overtaken FirstRand Group as the continents most valuable bank by market capitalisation.
Market capitalisation is the total value of a companys shares on the stock market. This shows how big or valuable the market thinks the company is. It is calculated by multiplying the share price by the total number of outstanding shares.
For quite some time, FirstRand, parent company to First National Bank FNB, Rand Merchant Bank, WesBank, and Ashburton Investments, has been the continents most valuable bank, but over the past few days, Standard Bank has taken this spot.
