Awards for Excellence 2017
The award for best bank for wealth management in Africa this year goes to Standard Bank. With R79 billion ($6.14 billion) in wealth and investment assets under advisory, Standard Bank is Africa’s largest wealth manager.
South Africa is the bank’s largest market, but last year it added Ghana and increased the number of clients in Kenya. Despite the challenging financial markets, earnings for 2016 increased by 64%, well above targets the group set for the wealth and investment management business.
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In part its performance can be credited to the bank’s support of its advisers. Standard Bank has stayed away from commissions-based salaries for employees and has low staff turnover – around 4%. The average relationship tenure of its advisers is five years, for example, and they are supported by a team of banking and credit specialists enabling them to focus on the client relationship. Relationship managers also receive tailored training and mentoring.
Standard Bank has much that impresses.