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Ciko Thomas, the head of Nedbank’s personal and private banking (PPB) franchise, says the bank is leaving no stone unturned in improving its offering to high-net-worth and ultra-high-net-worth clients, helped by the shake-up of the group’s structure into three core business units.Thomas said the reorganisation last year, which saw the bank effectively dissolve the standalone Wealth cluster to establish two new client-centric operating units — most notably PPB and business and commercial banking — is delivering the results, alongside enhanced consumer experience.He told Business Day that the creation of PPB is facilitating comprehensive financial servicing under one roof, with the insurance business and wealth management now completely integrated directly into the PPB cluster.“One of the things that we are paying close attention to is our clients’ need to invest offshore. In this regard we roped in a new offshore trading partner, Saxo Bank, as part of our strategy to enhance global market access, improve operational efficiency, and elevate the client experience for high-net-worth and ultra-high-net-worth clients,” Thomas said.“This strategic move comes in response to challenges related to high fees, limited technological capability from current vendors, and the need for tighter integration with existing platforms such as Iress. After a comprehensive market study, Nedbank Private Wealth Stockbrokers transitioned to a more robust, technologically advanced offshore provider.“After extensive evaluations, Saxo emerged as the leading partner based on its strong global market presence, cost-efficiency, and advanced technological capabilities. Saxo supports all relevant exchanges, offers best-in-class trading and custody fees, and has proven integration with Iress already in use by South African competitors.”Asked why Nedbank opted for Saxo Bank, Thomas listed several reasons why the Danish-based online trading and investment platform ticked the right boxes. These include:• Saxo having access to major global exchanges for trading in equities, ETFs, and mutual funds via FIX hub connectivity — ensuring automated, seamless trade execution without human intervention.• Maintaining profitability and competitiveness requires a vendor that provides market-related trading and custody fees. • Providing an omnibus account structure that will enable digital client onboarding and provide improved automated processes. • Access to Saxo’s hybrid cloud architecture and real-time onboarding capabilities. Nedbank’s interim results for the six months ended June showed an 8% increase in private, wealth & stockbroking clients, driving growth in broking income, advice fees and broader client engagement.Thomas said the uptick in clients reinforces increasing demand for integrated, advice-led financial relationships.To improve client experience, Nedbank last year partnered with Henley Business School Africa for a skills development programme. Co-designed with more than 20 Nedbank executives, the NQF level 6-accredited programme is geared to equip Nedbank employees with skills to empower clients to manage their money and achieve their financial goals.“This partnership is a game-changer for us in how we show up to clients and give true meaning to personalised service,” Thomas said.Business Day
