[ 2016-11-10 ]

Stanbic launches unique wealth and investment proposition
Stanbic Bank Ghana, has launched its wealth
investment management unit to provide personalised
solutions and investment prospects to Ghana’s
High-Net-Worth Individuals (HNWI).

Mr. Benjamin Mensah, Head, Wealth and Investment
Unit of Stanbic Bank, said the unit would provide
clients with investment advice related to local
opportunities.

He said Ghana’s middle class is growing and
there was the need for a niche wealth offering
proposition to meet the requirements of HNWIs
whose specific wealth creation and preservation
require a specialised suite of solutions.

Stanbic Bank Ghana would leverage Standard Bank
Group in-depth sector knowledge, expertise and
established networks to link Ghanaian investors
with opportunities across the continent.

Mr. Mensah said Ghana was recording high growth in
the number of HNWI, adding that as of the year
2000 Ghana could only boast of about 500 HIWIs but
the number has shot up to 2,700.

The most commonly quoted figure for membership in
the high net worth club is $1 million in liquid
financial assets.

“This shows that the potential for this category
of HNWIs would grow further hence the need to
establish a unit to take care of their needs,”
he said.

He said the Bank was targeting about 10 per cent
of the HNWI market, adding that, “it is not
about the numbers but the quality of service that
the Bank would provide to the clients that is very
important.”

“In addition to locally based HNWIs, there is a
significant group of individuals who make up the
Ghanaian diaspora who are seeking out
opportunities to contribute to growth at home as
well as through tailored offshore solutions,” he
said.

He said regular universal banking could not be
used to address the needs of HNWI clients.

According to the 2016 Knight Frank Wealth Report,
which was launched in Africa in partnership with
Standard Bank Wealth and Investment, Ghana has
experienced the fastest HNW growth rates in Africa
over the past 14 years and will continue to grow
as the Ultra High Net Worth increases by 85 per
cent over the next ten years.

Mr. Mensah cited growth of the middle class, oil
find, political stability as some of the driving
forces behind the growth of HNWIs in Ghana.

Speaking at the launch of a new financial service
proposition for Ghana’s High Net Worth
Individuals, Alhassan Andani, Managing Director of
Stanbic Bank Ghana, says “Ghana is set to
benefit from growing economic opportunities
fuelled by stable leadership, strong governance
and economic opportunities from an increasingly
diversified economy led by investments in
infrastructure and real estate among others”.

To get the most out of these opportunities, Mr.
Andani explained, “required the right level of
specialised and personalised financial services
support, as provided for by Stanbic Ghana’s new
wealth and investment proposition”.

The Head of Africa and International for Standard
Bank Wealth and Investment, Mr Deon de Klerk, said
the new proposition involved working with clients
and the families in meeting their investment goals
and also to make the entire group available to
them.

He said the high nets worth individuals are more
concerned about not only the creation of wealth
but also preservation of the wealth for future
generations and also carrying out high impact
philanthropy.

"Our clients are also concerned about succession
and how their children will deal with the
pressures of inherited wealth," he added.

Source - GNA

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