Nedbank Group focuses on southern Africa, with the group positioned as a bank for all - from both a retail and a wholesale banking perspective.
The principal banking services offered by Nedbank Group comprise business, corporate and retail banking, property finance, investment banking, private banking, foreign exchange and securities trading.
Nedbank Group also generates income from private equity, credit card issuing and processing services, custodial services, unit trust administration, asset management services and bancassurance.
This is the division perhaps of most interest to expatraites.
Offshore banking services, such as those offered via Nedbank Private Wealth, can benefit expats because no matter where an expat lives or works, their money can be safe offshore in a well-regulated jurisdiction.
Equally, expats’ wealth can be kept in a tax efficient environment so that, as a non-resident in their home country, they are not unfairly taxed.
Multi-currency services are normally available from offshore accounts, including for debit or credit cards.
Private banking offshore is surprisingly accessible for expats, with many benefits available over and above standard current accounts available in home or onshore jurisdictions.
Nedbank Private Wealth is a private bank headquartered in the Isle of Man. It offers an open architecture banking and investment platform for international investors - which they call their Focus Account.
Nedbank Private Wealth is the offshore banking subsidiary of the South Africa based Nedbank Group.
As Nedbank Group is largely owned by Old Mutual, the Fortune 500 financial services giant, and the Isle of Man has a Aaa rating, this offers a high degree of banking security for expats choosing the Focus Account.
International private banking services in up to 15 different currencies are integrated into the Focus platform.
Direct Equity, Funds and ETFs are all available within it as well, and a range of in-house solutions such as multi-asset funds or segregated discretionary portfolios.
Borrowing can be negotiated against invested assets and property through the platform – including for UK properties.
Pensions, ISAs (in its London Branch), SIPPS, trusts and tax wrappers such as offshore bonds can all be consolidated into a single point of access.
- Current account
- Platinum Visa card
- Accumulation account (Isle of Man and Jersey office account holders only)
- Fixed term deposit
- Structured deposit
- Foreign Exchange
- Investment management
- Investment dealing
- Custody and nominee service
Nedbank Private Wealth has won a large number of awards because of its high levels of service and its traditional values, some of which are explained in this short film.
DIY, intermediated, and discretionary options are all available.
It is not, however, suitable for clients with a smaller amount of wealth to manage or invest due to transfer, dealing and custody charges associated with individual service.