In this episode, Dr Namukale Chintu, senior director for EMEA at EFG Private Bank Limited, talks to us about the wealth management opportunity on the African continent. Several years of high economic growth have fostered not only an unprecedented growth in the middle class, but has also created a significant amount of ultra-high net worth individuals and families.
Chintu explains how EFG, as a pure-play private bank, is well-positioned to support this market segment in diversifying and preserving their wealth not only for themselves and their families, but also to give back to society.
As wealth increases through various ways, it is associated with lifestyle changes including time, family, assets, mobility, residence, tax, health and these changes require more bespoke services centred around the client that a retail bank would normally not offer.
EFG’s team of highly experienced private bankers support its service offering in banking, investment management, credit and fiduciary services using robust AML and KYC standards. While private banks do not provide advice on tax, immigration and other issues, the higher the net worth of the client, the more the private banker acts as a strategic wealth advisor who can coordinate the client’s additional requirements including introductions to advisers for tax, immigration, real estate, education, art, aircraft and yachts.