Standard Bank, Private Clients named SA’s Top Private Bank

Business Day Investors Monthly Private Banks & Wealth Managers survey

(In conjunction with Intellidex)

Standard Bank Group’s Private Client business has been rated as the overall winner of the third annual Business Day Intellidex, 2014 Private Banks and Wealth Managers survey, a highly sought-after accolade in the South African market.

“We are very pleased with this award as it is important to us for our clients to be offered the best solutions and service in the market,” said Margaret Nienaber, Chief Executive of Standard Bank Private Clients. She went on to add that “being part of the greater Standard Bank Group, with operations in 20 African countries and extensive networks on the ground, is certainly an advantage as well as a differentiator since we operate not only in South Africa but in markets where our competitors are unable to compete and offer clients holistic solutions across Africa and offshore.”

The Standard Bank Private Clients business was established several years ago to cater to the group’s growing high-net worth client base. Private Clients offers holistic financial solutions through the services of a dedicated relationship manager who is supported by a team of specialists in the areas of wealth management, specialised lending, risk solutions, trust and fiduciary and transactional banking. Standard Bank made the decision to split Private Clients from Private Banking, therefore offering both the emerging and existing wealth segments differentiated propositions.

“Between 2008 and 2013, Standard Bank’s Private Clients business in Africa grew by 51% in terms of new clients, and 123% in assets under management,” says Nienaber.

Standard Bank Private Clients and Standard Bank’s Private Bank submitted a joint entry to reflect the Bank’s cradle to grave private banking approach. Standard Bank Private Bank services clients who earn in excess of R700 000 per annum, whilst Standard Bank Private Clients looks after clients with the potential for investable assets in excess of US$1million.

“Whilst these two business units operate independently, they are still integrated and aligned with the Standard Bank vision, which is why we decided on a joint entry”, said Nienaber. “This year we also submitted a separate submission for Melville Douglas, which is our discretionary asset management business and we are pleased with how they performed in the survey”.

The Business Day Intellidex Awards also rated Standard Bank as winners in the categories for ‘Passive Lump-Sum Investors’ as well as ‘Successful Entrepreneur’. Ultimately this saw Standard Bank Private Clients winning the prestigious overall award for 2013/14.

The Business Day Investors Monthly Private Banks & Wealth Management survey is held in conjunction with Intellidex, a leading South African research house, focused on South Africa’s capital markets and financial services.

The survey results show that Standard Bank Private Clients scored strongly on service levels and their clients believe that they are getting good value for money on fees charged. Standard Bank Private Clients also scored extremely well on meeting clients’ individual needs.

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