Stanbic Bank launches new business unit targeting wealthy clients

This will be the bank’s third business unit, dedicated to serve the bank’s growing Personal and Business Banking.

Stanbic Bank Kenya on Thursday launched a new business unit targeting wealthy clients as it seeks to cater for the growing demand of more and more individuals and organisations seeking wealth-type products.

The unit dubbed 'Wealth' will offer a complete range of financial services including Life and General insurance, investments, health solutions and international products/services for individual and business clients across all points of contact with customers.

It becomes the bank’s third business unit, dedicated to serve the bank’s growing Personal and Business Banking, as well as Corporate and Investment Banking client base.

Speaking during the launch, Stanbic Bank’s Regional Head of Wealth (East Africa), Adam Jones said that the renewed focus on the wealth offering is 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; hence the decision to give it the right focus within the organisation with the creation of this unit. We expect this trend to continue growing in Kenya, which holds the best outlook for long term investment,” Mr Jones explained.

He stated that the bank seeks to integrate Wealth across the bank's range of financial services in a bid to offer Universal Banking and Financial Services solutions proposition more holistically and seamlessly from a single point of contact.

In delivering the Wealth proposition, the new division will leverage on the capabilities of Stanbic Bank Kenya as well as strategic partnerships with Liberty Group.

The Managing Director of Liberty Life Assurance, Abel Munda, said: “This partnership enables us to deliver a superior, enhanced and innovative value proposition to our customers that takes care of all their financial services needs. The one-stop shop facilitates us to analyse, assess and advise clients efficiently based on their individual needs”.

Through the connections to offshore capabilities in Isle of Man, Jersey and Mauritius, as well as onshore capability, Stanbic Bank Kenya will offer investment products and solutions across all customer segments.

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