- Knowledge Centre
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 Wealth is the division of most interest for expatriates.
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.
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.
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.
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:
Utilise appropriate structures for:
Services Nedbank offers:
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!
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.