Private bank market may be a third larger than thought, says FirstRand
Some high earning and high net worth clients are not included in the estimates, says private bank boss Eric Enslin
FirstRand’s private banking division, one of the largest in the country, says the market for people earning more than R1.5m a year may be nearly one-third larger than previously thought.
This implies there may be more opportunities in SA for asset managers and offshore banking and fiduciary specialists to cater to the needs of the well-heeled. Besides FirstRand’s offering, the other dominant competitor is Investec, followed by the rest of the big four banks.