Acknowledged as “Best Custodian Bank 2021” in the Indian Ocean by the renowned financial publication, CFI.co, Bank One prides itself on an Open Architecture model which allows access to best-ofbreed products from multiple global providers, all the while focusing on the protection and growth of their clients’ wealth. In charge of the External Wealth Manager & Financial Intermediaries Desk, Kush Beedassy elaborates on Bank One Private Banking’s role and strategy for the African market.
Our primary focus: the protection and growth of our clients’ wealth
Bank One positions itself as a bank “from Africa for Africa”. Tell us more about the strategic importance of this region.
Bank One is uniquely positioned as a strong and reliable banking partner “from Africa, for Africa”. Its shareholders, Mauritian conglomerate CIEL Ltd and Kenya-based I&M Group PLC, have an onshore presence providing easy access to the securities markets in Kenya, Tanzania, Uganda and Rwanda, thereby connecting us effectively to the booming East African market. Together with a robust custodian network that extends over 60 countries, and with Euroclear as our main depository, our clients benefit directly from the in-depth knowledge
of local and international experts.
We operate an Open Architecture model offering best-of-breed products from multiple global providers allowing us to deliver a diversified range of local and international solutions, including bonds, equities, ETFs, funds, and structured products. Bank One’s independent portfolio managers apply their expertise in pursuit of desired investment objectives, with the primary focus on the protection and growth of our clients’ wealth.
What is Bank One’s strategy in this market?
Bank One is one of the leading banks in Africa when it comes to Securities Services, and effectively leverages its access to several markets across the continent. With specific knowledge and experience of the African markets, our Private Banking professionals are able to address the complex and diverse needs of clients seeking investment in Africa, as well as our African clients wishing to invest in major international financial markets. We see ourselves as the bank of choice for clients wishing to invest and trade African Eurobonds, and requiring cross-border investment solutions.
What is the function of the External Wealth Manager & Financial Intermediaries Desk?
I assist our Asset Managers in their daily banking transactions, and ensure they are fully versed in Bank One’s Open Architecture approach. The desk also addresses the custodial requirements of banks from across the sub-Saharan region, facilitates access to Eurobond activity with favourable pricing options, and supports Africa-based and global mutual funds seeking access to the international and African markets respectively. Bank One’s selection as the custodian for Ecobank’s fund is worthy recognition of our role in upholding trading and safe-keeping requirements in the African market.
What products are available for the African market?
Bank One offers private banking and corporate accounts in various currencies, and a comprehensive range of services from generic banking and credit card facilities to real-time investment monitoring. Our private banking clients may also utilise their investments as collateral for banking facilities, and loans against investments are available in USD, EUR and MUR. With the ability to explore investment opportunities in more than 60 markets in the US, Europe and Asia, and 15 across Africa, through a variety of assets, clients are assured of optimum performance from their investment portfolios thanks to tailor-made advice provided by dedicated local and international Asset Managers. The appointment of a Kenya-based Relationship Manager (through the I&M network) provides an enhanced customer experience for clients in Africa
