EXCLUSIVE: Investec points to great strides in UK
Investec is gaining more traction in its UK specialist bank than the market has given it credit for. Investec had about 2,500 domestic private banking clients in the UK and was aiming to grow this to between 7,500 and 10,000 in the next three to five years, global joint head of the specialist bank Ciaran Whelan said on Wednesday. That would be about 7.5%-10% of the 100,000 people it estimated were in its target market. These are individuals earning at least £300,000 a year and with investable assets of at least £3m. Investec has only recently disclosed its progress in the UK specialist bank to analysts, some of whom doubted its ability to crack the private banking scene. "Investec is doing better than I expected [in the UK]," said Harry Botha, an analyst at Avior Capital Markets. He was not alone in this view.But Whelan said only South African analysts, and not those in the UK, pressed Investec on whether it could "make it in the UK". Speaking to Business Day from London, he said th...
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