PRIVATE BANKING AND WEALTH MANAGEMENT
In the current environment, private banks face tougher regulations, enhanced competition and increasing costs, making it increasingly difficult to maintain the service level and profitability. Through its diversification strategy and continuous technological developments, the Private Banking business line ensures that it is constantly reinventing its value proposition to maintain its quality and service differentiation.
Africa, Europe, Asia and the Indian Ocean region
The Bank targets the High Net Worth Individuals who are looking for sophisticated products and a customized approach. Through its presence in London, roadshows in the European region and our footprint in Eastern Africa, AfrAsia Bank Limited has developed its networking in the region. Africa is the continent of opportunities offering tremendous growth prospects. AfrAsia Bank Limited’s partnerships with reputable organisations on the continent will enable it to unlock these possibilities.
Private Bankers, Wealth Managers and Family Offices, Asset Managers, other Financial Partners
Service is at the heart of its offer and the Bank aims at building a privileged relationship with customers through its experienced private bankers. AfrAsia Bank Limited also has an important network of well-established financial providers.
Tailor-made products and services to address the needs of targeted market segments
The Bank has a full range of products and services adapted to the ever changing needs of its customers and prevailing economic conditions. Its offering spans from traditional banking products offering attractive returns to investment solutions through specialist investment houses including in-house asset management arm AfrAsia Capital Management (ACM). The Bank offers carefully selected products that will generate the maximum return given a desired level of risk.
A dedicated, personalized and unparalleled customer service
The Bank’s differentiation is in its specialized approach towards customers. Private Bankers will ensure that they understand and anticipate client needs so as to assist customers in achieving their immediate and long-term wealth goals. A personalized solution is provided to each customer.
Over the past financial year, deposits from Private Banking clients have increased by 50.06%
To service the growing customer base, the Bank has increased the number of Private Bankers and Relationship Managers.
In this line, the Bank has also increased securities services offering. New resources are being added to the custody team while an automated system is being implemented. Developing this segment of the business led to an asset under custody growth of 500% over the financial year.
Private Banking individual client base expanded by 58.06%. This is mainly backed by the constant search for new revenue streams and the development of niche products and services for the Bank’s customer base: development of securities services, the availability of innovative investment products such as the USASIA note which offered a final performance greater than 147%.
The Bank is already present in South Africa, Zimbabwe and the UK. The upper middle class income group is expanding on the African continent representing potential for growth for AfrAsia Bank Limited out of Mauritius, where its scope for growth is limited given that 23 licensed banks are already sharing the market.
The aim is to position the Bank as a Private Banking specialist. This aim has shaped a work culture deriving from an entrepreneurial approach which led to the increase and greater diversification of our client base. As a result, new services are being provided to ensure the growth of the Bank’s asset under management and asset under custody. The strategy is clear: offer a sophisticated and innovative line of services to the High Net Worth Individuals locally and abroad - presenting the ‘Bank Different’ approach.