FNB repositions its investment offering

Jacques Celliers, CEO, FNB

FNB has announced its intention to significantly enhance its investment offering to clients by investing heavily into its Wealth and Investment business that now combines the existing investment capabilities from FNB, RMB Private Bank and Ashburton.

FNB Wealth and Investment consolidates the advisory, trust and fiduciary, unit trusts, online share trading, stockbroking, portfolio management as well as the investor platform capabilities. The Asset Management capabilities will remain within Ashburton.

“We are investing vigorously in new products and digital platforms to enhance FNB’s investment advice, packaging and distribution capabilities. Customers will benefit from using their existing relationship with the bank for more complex requirements making the investment process easier and rewarding. The new structure brings together a wealth of investment expertise from across the FirstRand Group,” says FNB CEO Jacques Celliers.

FNB customers will be able to access all their banking and investment products in one place, making the management of their full net worth and investment goals much easier. The bank has a major head start to unlocking innovation in the delivery of its investment products with some 2 million clients active on the banking App and 2.2 million active on online banking.

“With over 7.8 million customers in the FNB base, there is a vast opportunity to further entrench main-bank relationships. Using the reservoirs of data we have and our analytical capabilities we are able to maximise the opportunity to meaningfully cross-sell to our customers as they progress through their various life stages. Our fintech proficiencies will ensure that our clients get the right financial advice digitally or via an advisor from a trusted money manager, with over 800 investment experts whilst still maintaining control through a single view of their financial affairs through the bank’s integrated digital platforms.” adds Mr Celliers.

While FNB has created strong transactional, credit as well as bourgeoning insurance and telco businesses, the move to establish a Wealth and Investment unit gives the bank an equally strong lever to reduce potential attrition.

Sizwe Nxedlana, formerly FNB Chief Economist, will lead the business unit following his appointment as CEO of FNB Wealth and Investment. Sizwe is an established executive and has been a member of the bank’s Executive Committee since 2013. He has worked in FNB for 9 years, holding roles in FNB Business and FNB Wealth prior to taking over as FNB Chief Economist in 2012. Sizwe is an experienced financial market professional and has spent the bulk of 2017 transitioning into this role.

Mamello Matikinca has been appointed to take over the reigns as FNB Chief Economist. Prior to her appointment, Mamello was a senior macroeconomic analyst in the FNB Economics team. Before joining FNB, she worked as a macroeconomic analyst in the RMB global markets research team. She started her career at the Bureau for Economic Research.

“The realignment of our wealth and investment capabilities is a continuation of our commitment to build a compelling investment proposition that directly addresses the needs of our Retail, Wealth and Business clients. The consolidation also advances our journey of exponential helpfulness by enabling our customers to improve their financial futures. The consolidation will take our offering to greater heights, by building lasting relationships with our clients,” concludes Mr Celliers.

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