RMB Private Bank scoops 6 2012 Euro money awards

The 2012 Euromoney Private Banking Survey has awarded RMB Private Bank six awards for private banking services, most prominent of which was the overall winner: best private banking service provider in South Africa and Africa.

The annual Euromoney Private Banking Survey provides a qualitative and quantitative review of the best services in private banking, by region, country and areas of service. The survey covers both global and regional categories and includes over 65 countries, as well as the vast array of services the wealth management industry provides.
Factors such as assets under management, profitability and services offered, in addition to other criteria, are all considered when ranking the top private banks.

“We are extremely proud of this achievement and the recognition from our peers. These awards stand testament to RMB Private Bank’s commitment to building and maintaining solid relationships with our clients and providing sound wealth management solutions tailored to suit their individual, as well as family, wealth legacy aspirations,” says Gavin Tarr, head of RMB Private Bank

The awards are categorised by region and country. RMB Private Bank also won the South African categories of: Best Relationship Management, Best Privacy and Security and the awards for Best High-net-worth-specific services and Best Super-affluent-net worth specific services.

In the aftermath of the global financial crisis, the emphasis on transparency, trust and the prioritisation of clients’ needs has increased, especially in the private banking sector. With the introduction of new regulation, such as Basel 3, the business models private banks adopt need to be increasingly focused on liquidity, asset diversification and expectations of higher returns. “These evolving customer needs imply that a one-size-fits-all approach to private banking is no longer relevant and we have adapted our business model to meet these requirements,” adds Tarr.

Clive Horwood, Editor of Euromoney Magazine, noted: “Each year through our survey the industry recognises the brightest and the best institutions in global Private Banking. In a challenging and competitive market, this year’s winners have continued to invest in the people and resources necessary to service their clients’ needs”.

“With the backing of FirstRand, we are able to offer our clients the comfort and security of FNB’s innovative banking platform, while still maintaining the bespoke service offerings of a boutique wealth management house. We also understand that our clients are looking for non-traditional investment vehicles and, through our Group association, we are able to offer them access to RMB’s merchant banking proprietary products,” concludes Tarr.