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April 2002
Standard Private Bank: a true private bank
Standard Private Bank, which was officially launched this week, is a true private bank that offers high net-worth clients a world-class, highly personalised and holistic approach to all their financial requirements.
"We are positioning Standard Private Bank, which is part of the Standard Bank group, as a world-class offering to an exceptionally sophisticated sector of the market," says Standard Private Bank Managing Director Vernon Cresswell.
No specific entry criteria is set – acceptance to Standard Private Bank is stricly by invitation. Each case would be decided upon in consultation with prospective clients.
What makes servicing this market segment even more challenging is that the competition from local banks for this relatively small client base is intense, says Cresswell.
Standard Private Bank’s objectives are to offer financial solutions and options tailored to the client’s needs.
"We offer our clients best of breed products and services which no other bank can offer." Emphasis will be on relationships and wealth management.
Standard Bank Offshore, SCMB Securities (private clients), the Liberty group and Melville Douglas,
the South African-based asset management company acquired in April last year, all form part of the Standard Private Bank offering.
A personalised team of specialists is available to clients through a private banker. Each team member has been chosen for their entrepreneurship, risk management capabilities, solid knowledge, experience and style of interaction.
These specialists provide clients with an exclusive array of products and services that cover everything from day-to-day banking needs to investment products, asset management and fiduciary services.
"The introduction of true private banking to the Standard Bank group's already comprehensive portfolio of personal market offerings is aimed at entrenching the group as the bank of choice across all market segments."
Cresswell stresses that the future of successful investment lies in understanding exactly what clients’ needs are and structuring a portfolio to meet those needs.
"It is necessary to elevate a client's personal portfolio beyond one-dimensional product strategies by leveraging the expertise of highly skilled and professional investment managers.
We offer this approach because our services are designed to protect and increase our clients' wealth by delivering the potential for superior after-tax returns, with an unprecedented level of personalised service and expertise."
Standard Private Bank offers:
- A sophisticated transactional banking service which looks after clients current account
requirements, personal and consolidated lending, credit card issues, asset financing, internet banking, margin trading, on-line share trading and foreign exchange dealings.
- Lifestyle products such as short-term insurance, life products.
- Offshore and onshore wealth management products such as portfolio management, investment products, credit, trust, tax and estate planning.
- Structured finance, treasury opportunities, and individually tailored structures and investments.
" One of our strengths is our ability to keep our clients in touch, on track and in tune with a dynamic international financial marketplace,
the opportunities it presents and the challenges that may arise. Our client’s financial portfolio will therefore be actively managed with their changing needs, but
they will determine the way in which we assist them," says Cresswell.
Standard Private Bank is based in Sandton and will be moving to Hyde Park Corner, Johannesburg in the next 2 months. It also has offices in Cape Town and Durban. It has a staff complement of over 120.
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