Standard Bank rebrands services for richest customers

WealthJohannesburg-based Standard Bank has renamed its division that caters to customers with investable assets of at least $1 million.

The private clients division will now be called “wealth and investment” to reflect the bank’s aim to provide a wider range of services to its richest clients.

Meanwhile, the bank’s private banking division, which caters to individuals which earn at least $60,000 a year but do not have $1 million in investable assets, will not change its name.

“This shift is in response to changes in the high-net-worth market, and a need to position the business more closely with international competitors,” says Deon de Klerk, head of wealth and investment, Africa and international.

The private clients division was carved out of the bank’s private banking unit seven years and now manages more than $12 billion for its clients.

“We now have a footprint throughout South Africa and in Kenya, Nigeria, Mauritius, London and Jersey and can truly offer clients a seamless solution for their on and offshore financial planning needs,” says de Klerk.

©2015 funds global mena

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