Investec says UK offering will help it remain competitive
Banking group says SA clients value access to UK banking while competition grows as new digital banking players enter the market
Investec says its ability to give SA clients access to UK banking and investment should help it remain competitive as the new wave of digital banking takes over. Speaking at an Investec investor briefing on Friday about the group’s expected financial performance for the year ending March 31, Investec CEO Fani Titi said having a bank that facilitated investments to the UK where SA investors are perceived to be a higher risk because of money laundering incidents in SA was valued by consumers in the upper end of the market. “That is our key differentiator and no other bank can do that,” said Titi. Investec joint CEO Hendrik du Toit said the group was aware that “it is going to be a very competitive game”, not only because of new digital-based entrants in the banking space but also because other banks were also improving their digital capabilities. “But we’ve always been a business where clients don’t have to physically come to us,” said Du Toit. Investec has added substantial digital c...
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