These are the best private banks for ultra-rich South Africans

UK-based Finance and business magazine Euromoney has named the winners of its Private Banking Awards for 2024, with RMB Private Bank and Standard Bank Wealth and Investment receiving most of the awards in South Africa.

RMB Private Bank was named South Africa’s Best Private Bank for Ultra-High-Net-Worth (UHNW) Individuals for the second year in a row.

Euromoney praised the Firstrand subsidiary for its service quality. The group has also started providing advisory services to mid-mark business owners and introduced its first self-issued and distributed structured products.

“This matters because about 50% of the bank’s UHNW clients are self-employed entrepreneurs, which opens up the opportunity for the private-wealth and commercial-banking businesses to work together in serving these business owners,” Euromoney said.

RMB Private Bank was also crowned the winner of the new categories of South Africa’s Best Private Bank for Discretionary Portfolio Management, Succession Planning and Sustainability.

RMB said its accomplishments are partially due to its ability to leverage big data, modern technologies, and advisory skills.

Standard Bank Wealth and Investment scored three accolades – Best Domestic Private Bank, Best for Family-office Services and Best for Next-Gen.

The Next-Gen award looks at the next generation of clients, with Africa’s largest bank praised for its SBG, Shyft and My360 mobile apps.

Investec won Best Digital Solutions and Philanthropic Advisory awards, while Barclays Private Bank won Best International Private Bank.

Globally

Overall, JPMorgan Private Bank was named the world’s best private bank.

For UHNWs, Deutsche Bank Private Bank is the winner, while Singapore’s DBS is the best for High-Net-Worth individuals.

Read: South Africa’s big banks expected to feel the pain in 2024