NEDBANK IS SEEKING to broaden the reach of its private bank label by utilising the BoE brand to service its high net worth clients. It means Nedbank will lower the barriers to entry at its private bank and make it more accessible, just as Absa and Standard Bank have done over the past 18 months.
It’s now considerably easier to gain access to so-called “private banks” that provide a higher level of service to customers than the branch network does. However, they’re light years away from the traditional Swiss model of private banks – designed to service the super wealthy. All you currently need is income of R400 000/year, a degree and a whisper of promise to gain access to the services once preserved for those on twice that salary.
While the pool of middle-class wealth has grown, the number of high net worth individuals isn’t significant enough to justify stand-alone private bank offerings beyond those provided to those at the upper end of the wealth spectrum. But Nedbank will be offering a top-end service to around 2 000 clients through its BoE brand.
Since the demise of BoE as a listed entity, the brand has been retained to service the group’s top-end clients in the wealth management sphere.
BoE MD Vince Boulle says the new service is by invitation only and is aimed at clients with investible assets of around R5m. Nedbank believes up to 12 000 clients fit its profile in the private client space.
Clients who have either borrowings or investments of R5m with the new entity won’t pay transaction fees on their retail banking.
If you’re seriously rich/If you’re serious about money. Vince Boulle