Banks Launch VVIP Services

By Wanetsha Mosinyi
Staff Writer | Monday November 16, 2009 00:00

 

In a sign that demonstrates that indeed 'Cash is King', those privileged few are afforded privileges like dedicated bank managers who look after their investment affairs, issued with platinum credit cards that match their status, reserved parking and are serviced at lavish bank suite far away from the long queues that have become the norm in local banking halls. Stanbic Bank raised its game on Thursday when it launched Private Banking - an offering targeting high value clients.

Barclays Bank, which had a successful VIP offering known as Prestige banking, is said to be busy preparing to launch Premier Banking, exclusively for the wealthier customers. 
First National Bank Botswana (FNB), which has become a leader in product innovation, has been servicing its top-notch customers through an offering called Private Clients under its Wealth Management division.  Standard Chartered Bank has Excel Banking, of which one has to maintain a minimum of P25, 000 in their accounts to be a member.
In a sign that Standard Chartered is also targeting the VVIP market, it will soon introduce a more superior offering called Priority Banking to the Botswana market.

Stanbic Head of Private Banking Sabrina Mahlalela said at the launch on Thursday that the private bank, which is situated at Kgale Branch (Game City) will offer clients a package that include lending and investment products in Pula and foreign currency, a range of insurance and wealth products.

For one to be among the local elite, use a platinum debit, and credit cards, you have to earn not less than P35, 000 (nett pay) a month.'The products and services offered as part of the Private Banking package are carefully considered so as to complement the lifestyle of our clients whilst taking care of all their financial needs,' Mahlalela said.
In addition to these offerings, the clients are afforded the opportunity to tap into the expertise of Stanbic's parent company Standard Bank, whose offshore division is a significant player in the global investment arena.

Stanbic Bank Managing Director Leina Gabaraane said the launch is a step in their plans towards improved retail banking, in which they had been lagging behind due to having concentrated on corporate banking.Stanbic, which is the fourth largest bank in the country, has been growing significantly in recent years and Gabaraane said on Thursday that their customer base went up by 30 percent year-on-year.

In a small but somehow lucrative market that is Botswana, banks are going all out to differentiate their somehow vanilla products to gain that elusive competitive advantage. 
The launch of the VVIP services comes at a time when banks are also trying to outdo one another at introducing the long over due online and mobile banking services.