London, UK - UK-based Finance and business magazine Euromoney has unveiled the prestigious winners of its highly anticipated Private Banking Awards for 2024, showcasing the excellence and innovation within the realm of private banking. In a remarkable display of prowess, RMB Private Bank and Standard Bank Wealth and Investment have emerged as the frontrunners, clinching several coveted awards, cementing their status as the best private banking institutions for ultra-rich South Africans.
RMB Private Bank, a subsidiary of FirstRand, has once again etched its name in the annals of excellence by securing the title of South Africa’s Best Private Bank for Ultra-High-Net-Worth (UHNW) Individuals for the second consecutive year. Euromoney bestowed this honor upon RMB Private Bank, acknowledging its unparalleled service quality and commitment to its discerning clientele. Particularly noteworthy is RMB's foray into providing advisory services to mid-market business owners, a strategic move that has garnered praise for its foresight and client-centric approach. Euromoney commended the bank's efforts in catering to self-employed entrepreneurs, constituting nearly half of its UHNW clientele, thereby creating synergies between private wealth and commercial banking sectors.
Additionally, RMB Private Bank clinched victory in new categories, including South Africa’s Best Private Bank for Discretionary Portfolio Management, Succession Planning, and Sustainability. These accolades underscore RMB's multifaceted approach towards wealth management, leveraging cutting-edge technologies and advisory skills to meet the evolving needs of its clientele.
Meanwhile, Standard Bank Wealth and Investment have emerged as formidable contenders in the private banking arena, securing three prestigious awards. The bank was recognized as the Best Domestic Private Bank, lauded for its unwavering commitment to excellence in serving the local market. Standard Bank Wealth and Investment also clinched the titles of Best for Family-office Services and Best for Next-Gen, demonstrating its versatility in catering to diverse client segments.
The Next-Gen award, in particular, highlights Standard Bank's innovative approach towards engaging with the next generation of clients. Leveraging its SBG, Shyft, and My360 mobile apps, Africa's largest bank has successfully positioned itself as a trailblazer in digital banking solutions, resonating with the preferences of tech-savvy clientele.
In an era characterized by rapid technological advancements and evolving client preferences, RMB Private Bank and Standard Bank Wealth and Investment have set a benchmark for excellence in the private banking landscape. Through their unwavering commitment to innovation, client-centricity, and service excellence, these institutions continue to redefine the standards of private banking in South Africa and beyond.
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