Investec named the best private bank in South Africa

Investec has been named the best private bank in South Africa for the fifth year in a row at the UK Financial Times’ Global Private Banking Awards.

The banking group debuted as the best private bank in South Africa in 2013, when the country was first included in the awards.

Over the last year, Investec Private Banking continued to increase profitability through increased activity and by improving scale and efficiency through investment in systems and operations.

The lending books increased by 11%, the number of Investec Private Bank Accounts increased by 10% and the number of UK private bank accounts increased significantly, by 59%.

In addition, the Investec Youth Account was launched. Investec Wealth & Investment currently manages £55-billion (R1.02 trillion) for clients around the world.

“In a competitive South African wealth management market, what gives Investec the edge is its use of technology and data to enhance the client experience, while offering personal service in private banking and wealth management,” said Yuri Bender, editor-in-chief of the Financial Times.

To determine the best bank, the Financial Times requires banks to apply, and then make a bid for the award, effectively motivating why it should win. These motivations are assessed by a panel of judges – 15 industry professionals across the world.

The banks are also evaluated on the quantitative aspects of the business, which are provided by the annual private banking key performance indicators Benchmark study, carried out by Scorpio Partnership.

The Global Private Banking Awards made specific mention of the Investec One Place philosophy as an example of innovation that best delivers on client needs.

One Place allows South African clients to open a sterling-based transactional account in the UK. The servie enables clients to receive and make payments in the UK, or simply to use the facility as an offshore account.

“At Investec, we continue to place client service at the centre of everything we do. This includes making sure that all client interactions are out of the ordinary, and we empower clients to make informed decisions,” said Deon Katz, head of Investec Private Bank South Africa.

Read: South African banking withdrawal and ATM fees compared

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Investec named the best private bank in South Africa