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Review summary

Nedbank Private Wealth

Nedbank Private Wealth is 100% owned by Nedbank Group Limited, a bank holding company that has been listed on the Johannesburg Stock Exchange since 1969.  

Nedbank Group is South Africa's fourth largest banking group, measured by assets, with a strong deposit franchise, the second largest retail deposit base, a client-centric wholesale and retail franchise, and a substantial and growing bancassurance and wealth management offering. The group offers a wide range of financial services through its four main business clusters:

  • Nedbank Corporate and Investment Banking
  • Nedbank Retail and Business Banking
  • Nedbank Wealth (the cluster in which Nedbank Private Wealth resides)
  • Nedbank Africa Regions

Nedbank Wealth is the division of most interest for expatriates.

Overview
FAQ
Customer Reviews
Expert Verdict

Offshore banking services, such as those offered by 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 debit or credit cards.

Private banking offshore is surprisingly accessible for expats, with many benefits available over and above standard current accounts in home or onshore jurisdictions.

Nedbank Private Wealth is the offshore private banking subsidiary of Nedbank Group. It has its headquarters in the Isle of Man, a jurisdiction which has an Aa2 credit rating from Moody’s, and offers a high degree of banking security for expats.

The bank’s open architecture banking and investment platform includes international private banking services in up to 15 major currencies and a choice of investment solutions, including a range of multi-asset funds and segregated discretionary portfolios. 

Borrowing can be negotiated against invested assets and UK property – including for UK properties. 

Pensions, ISAs (in its London Branch), SIPPS, trusts and tax wrappers, such as offshore bonds, can all be consolidated with a single point of access.

Banking services: 

  • Current account
  • Platinum Visa debit card
  • Fixed term deposit
  • Borrowing
  • Foreign exchange

Investment services:

  • Investment management
  • Investment dealing
  • Custody and nominee service
  • Pensions

Nedbank Private Wealth has won a large number of awards for its high levels of service and its traditional values.

DIY, intermediated, and discretionary options are all available.

It is not, however, suitable for clients with only a small amount of wealth to manage or invest, due to transfer, dealing and custody charges associated with individual services.

The Pros

> Integrated banking and investment services
> High level of personal service
> Boutique size
> Multi-award winning

The Cons

> More suitable for high-net-worth individuals
> Part of a group that frequently changes name/shape
What can I borrow against with Nedbank?

Subject to status, lending can be secured against a range of assets, including investment holdings and property.

This approach brings significant additional flexibility to the management of a private banking and/or investment portfolio.

Apart from the Focus Account, what other services does Nedbank offer expats?

Nedbank offers a full suite of expat financial services, including a full fiduciary offering.

The bank helps clients manage the complexity of providing individual tailored solutions to efficiently manage family and business wealth assets.

The gateways to their international trust and company services, for individuals and corporates, are through Nedbank's trust businesses in Jersey and Guernsey, both of which are leading international financial centres, with worldwide recognition as respected and highly regulated jurisdictions.

Features and benefits:

  • Nedbank offers the security of being part of a large multinational financial services group.

  • They work closely with you and your advisers in setting up and administering bespoke, efficient structures to suit your individual requirements.

  • They maintain high levels of confidentiality, information security and professionalism, while always providing a personal service.

  • They can establish and administer offshore structures involving multiple jurisdictions from their offices in both Jersey and Guernsey.

Utilise appropriate structures for:

  • Wealth preservation - consolidation of family wealth in an overarching structure provides simplification and safeguards the interests of minors or vulnerable members of the family, and affords protection against loss of assets through unsuitable marriage or other relationships.

  • Succession planning - facilitation of the smooth transfer of wealth to family members, either during your lifetime or after your death, with the ability to avoid forced heirship provisions.

  • Security and confidentiality - for political, economic and social reasons, holding your assets in a well-regulated and stable jurisdiction can provide peace of mind.

  • Tax efficiency - structuring assets efficiently can legally mitigate taxation in appropriate circumstances.

  • Immigration/emigration - prior to arrival in a new country or return to your own country of origin, planning may be undertaken to protect assets which are outside the country of destination.

  • Incentivising employees - employers are increasingly using incentive arrangements such as equity-linked, retirement and savings-related products to attract and retain staff.

    Many of these plans are fairly complex and can involve several different jurisdictions. It is often sensible to organise such plans through tax-neutral financial centres such as Jersey and Guernsey.

Services Nedbank offers:

  • Company formation and administration
  • Private trust formation and administration
  • Foundation formation and administration
  • Formation and administration of employee benefit trusts and employee incentive arrangements
  • Formation and administration of international corporate pension and savings related arrangements
  • QNUPS

Exceeded my expectations

Having never worked with a private bank before, I wasn't sure I was eligible for an account with Nedbank...but after speaking to them I was quickly assured I was eligible, and indeed, that they'd be able to exceed my expectations.

I use my account for the management of ALL my money needs - banking, credit, lending and investing.

Have to say, I'm surprised when more people haven't heard of banking like this - I'm a bit of an evangelist now - converting colleagues and friends to Nedbank and integrated banking!

Expert Assessment of Nedbank Private Wealth

In our view, the transparency, security and flexibility offered by the Nedbank Focus platform affords expats and investors an excellent platform on which to build and manage wealth. 

The availability of funds is impressive, including ETFs, which sits well with our own strategy of passive or evidence-based investing.

This platform comes highly recommended by AES International whether you are a financial planning and investment client of ours or not.

Nedbank Private Wealth Focus Brochure

Nedbank Private Wealth Key Messages

Nedbank Private Wealth Tariff of Charges

Nedbank Private Wealth Focus Application

Nedbank Private Wealth Corporate Application Form

Nedbank Private Wealth How to Apply

Nedbank Private Wealth Platform Terms & Conditions

Nedbank Private Wealth Identification and Verification Documents Guide

Nedbank Private Wealth International Fiduciary Services

Nedbank Private Wealth Corporate Profile

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