Despite recent credit-ratings downgrades, South Africa still has a well-developed banking system which resembles the United Kingdom’ system. The South African banking system weathered the recent global financial crisis relatively well, and remains relatively stable and the South African Reserve Bank reported that banks were adequately capitalized. South African banks hold the first six places among the top 100 banks on the African continent. Four large banks dominate, with Standard Bank of South Africa, Nedbank, ABSA (Amalgamated Bank of South Africa, now owned by Barclays PLC), and FirstRand Bank collectively accounting for around 85% of banking services in South Africa. A New banking entity, Capitec, has made significant inroads into the unbanked and entry-level banking segment. In total, there are approximately 70 foreign banks operating in South Africa, either via representative offices, branches, subsidiaries or joint ventures with local companies.