Page 72 - SARB: 100-Year Journey

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Banks in Pretoria, November 1903: In the centre of the image is the Natal Bank branch, to the left of this building is the Bank of Africa. The building on the right is the Standard Bank branch. /Hardijzer Photographic Research Collection
The timelines of the currency developments are similar to those of the establishment of banking operations in South Africa. The advent of the printing press enabled and helped with the founding in 1793 of Lombard Bank, “the first and only hundred per cent government owned and controlled bank of South Africa.” This was followed in 1808 by the Government Discount Bank, which opened as a branch of Lombard Bank. The government “came to enjoy a banking monopoly until 1837, but as the result of subsequent competition, this institution ceased to exist in 1842.”
The Cape of Good Hope Bank came into existence in 1836 and began operating in 1837, despite government’s attempts to stem private enterprise. “... [In] rapid succession banks were opened all over the country, so that by 1862 there were no fewer than 29 such banks at the Cape.” This piqued the interest of British investors.
That signalled the dawn of a new era in local banking, starting in 1861 with the Imperial Banks of London and South Africa. This period was marked by “wholesale amalgamations, liquidation, and ... a tremendous extension of the branch bank system.” During this time, six English banks operated in South Africa. Barclays was a late entrant and only came into the country in 1926.