Stanbic Bank along Kimathi Street on December 13, 2014. FILE PHOTO | NMG
Stanbic creates one-stop unit targeting wealth seekers
Mid-tier lender Stanbic Bank Thursday launched a new business unit targeted at helping clients grow wealth through a diversified set of on- and off-shore financial and investment services.
The unit, Stanbic Wealth, will offer individuals and firms a one-stop shop for life and general insurance, investment opportunities and health services.
Officials said the decision to form a full-fledged arm for the wealthy was guided by customer needs and demand.
“Our customers in Kenya are getting more sophisticated. We have more and more individuals and organisations seeking wealth-type products. It is this demand that we intend to cater for by offering the best range of financial services and products,” the bank’s Head of Wealth for East Africa Adam Jones said in a statement.
“We expect this trend to continue growing in Kenya, which holds the best outlook for long term investment.”
Wealth becomes Stanbic’s third dedicated unit after Personal and Business Banking and Corporate and Investment Banking arms.
A report by realtor Knight Frank earlier in the year showed that Kenya’s super rich, especially those looking for a second home, are likely to invest abroad.
The 2017 Knight Frank Wealth Report suggested that the UK, South Africa, Mauritius, Spain and the US were the top five favourite destinations for the country’s wealthy in that order.
“Wealth is not only for the wealthy, it is for everyone. This is the reason we are integrating Wealth across our range of financial services so that we can offer universal banking and financial services solutions proposition more holistically and seamlessly from a single point of contact,” Mr Jones said.
Stanbic has roped in its strategic partner Liberty Life Assurance in the proposition.
“The one-stop shop facilitates us to analyse, assess and advise clients efficiently based on their individual needs,” Liberty Life managing director Abel Munda said.