Investec is stepping up its private-banking offering in South Africa and in the UK as the lender looks to attract rich clients across the world and position itself for further growth.
The South Africa- and UK-listed business plans to broaden its offering to include integrated banking, lending and wealth partnerships and an advice-based proposition for affluent clients, it said Thursday.
The pivot comes as the battle for high-net-worth individuals intensifies globally, with banks turning to fee-based income to offset volatile interest margins.
In Johannesburg, lenders are launching bespoke private offerings and digital-first wealth platforms to South Africans earning more than R750 000 ($45 000) a year, about four times the average household income.
“If you look at our South African competitors, it is really hard for them to serve high-net-worth clients the way we do given the seamless integration of banking and wealth,” Group Chief Executive Officer Fani Titi said.
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