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Private banking: Still rich’s exclusive – Dr. Erastus Akingbola

Posted by By SEUN ADESIDA on 2008/04/25 | Views: 768 |

Private banking: Still rich’s exclusive – Dr. Erastus Akingbola


The Managing Director and Group Executive Officer of Intercontinental Bank Plc, Chief Erastus Akingbola has revealed that the bank’s private banking initiative, which is exclusively for the upper crust, is part of its strategy not only to consolidate its leadership position in the industry, but to protect its rapidly growing wealthy customers.

The Managing Director and Group Executive Officer of Intercontinental Bank Plc, Chief Erastus Akingbola has revealed that the bank’s private banking initiative, which is exclusively for the upper crust, is part of its strategy not only to consolidate its leadership position in the industry, but to protect its rapidly growing wealthy customers.

Explaining the bank’s new initiative, which caters for a negligible 0.5 of the banking public, Akingbola said “the business of banking in Nigeria has changed for good and therefore, the competition has become keener than before,” adding that “it will take a vision to excel, to be distinct and be a great institution.”

According to Akingbola, “we have discovered that most wealthy Nigerians don’t want to be treated just like any ordinary customer in a regular banking transaction, they want special attention and they want to be serviced in a relaxed atmosphere, devoid of the hustle and bustle of banking hall activities.

They want banking at their own convenience and not the convenience of the bank, and that is why Intercontinental Bank Plc created this new service for the upper segment of the bank’s customers and potential customers who would want to enjoy the services that would be made available in this new business unit.”

On the modalities of the service, Akingbola offered: “Our customers can call us at any time of the day and they don’t need to come to any branch to get serviced. Right in the comfort of their homes, we would bring whatever service they want to them. If they need money urgently, the money would be delivered to them right there in their homes, wherever the house may be situated.”

Private banking as an innovation
Wealth management is part of private banking innovation. It is a service that is distinctly unique and comparable to the best around the world. We have benchmarked global giants in wealth management. Customers will enjoy first rate, world-class service that ensures that your wealth not only grows but is protected even for your generations yet unborn. Often, wealth tends to be measured in monetary value but we believe that wealth goes beyond monetary value to overall welfare of the individual or the society in terms of physical, spiritual, emotional and mental well-being. This is why it is difficult to see a wealthy man frowning, when you see a man frowning it is because he wants to balance the budget, usually wealthy people are humorous.

Wealth management
Any wealthy man will tell you that the accumulation of wealth, except it is obtained by fraudulent means or inherited, takes vision, initiative, hard-work, persistence, integrity and the investment of hard earned money over a long period of time to build up. However, if the accumulation of wealth is difficult, the sustenance and protection of wealth is more difficult because wealth itself is volatile. Wealth, particularly when defined in monetary terms, is subject to the vagaries of spending habits, business collapse, inflation, taxes, mismanagement and even fraud. So, a very wealthy man can end up being poor if his wealth is not effectively managed. This are the people you call the rich men of yesterday, if you don’t want to belong to this class then make sure your wealth is well managed.

It is a special service that takes a holistic and comprehensive approach to helping you build and sustain your wealth. It gives you the confidence to make sound financial decisions, freedom to live the way you want to live your life and x-rays a clear roadmap for your financial future. When your wealth is being managed, even while you sleep, it is money working for you rather than you working for money.

Customized Services
We emphasize individuality with wealth management. Financial success depends on having a clear idea of what you want to accomplish and your worldview as an investor. Wealth management advisors will help create long-term strategies appropriate for every situation. The team will apply time-tested strategies and solutions in accomplishing this. The monumental change that has taken place in the banking sector in the past five years could be a case to mention but this is not the only thing that changes. We grow up, get married, a new baby is born, residences are changed, we get sick and have to pay medical bills, children’s education, and we get old to finally retire.

Wealth Management service plans to capture these changes as they take place in life and that requires focused, well-balanced wealth management objectives. In doing this, the customer will always be ahead. Situation must change, the financial markets around us will change and even factors that determine investment success can also change and we need to anticipate and respond to these changes. The wealth management adviser cues you into these factors with well-planned strategies and flexibility to reap the most from each situation.

The Intercontinental dream
It is with much humility that I say that when we make a promise we deliver. As I noted at the Customers Night of the 16th Intercontinental Diamond Fund (another of our great Products) on November 30, last year, we set a seemingly impossible vision for the bank about three and a half years ago: To be the number one bank in Nigeria, number five in Africa and among the top five hundred banks in the world.

It seemed a tall dream, but last year we were confirmed to have achieved that feat by The Banker magazine, a subsidiary of Financial Times of London. An enormous accomplishment one will say, but not one to allow it to get into our heads as we know that it is not easy to make it to the top. Yet it is even harder to remain there. Because of this realization, we have set a new vision for ourselves. To be number one both in Nigeria and Africa, and amongst the world’s top 100 banks. Another daunting task, but we know it is surmountable.

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Comments (3)

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Okfold(Sobe, Edo, Nigeria)says...

I want the meaning of female owan name Ekeke (Edo state)

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Toluwalase Samuel Olufemi(Ijebu, Ogun, Nigeria)says...

Authority belongs to God, once He decrees it is final and binding

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Ikponmwosa Osamede(Edo, Nigeria)says...

Your meaning of Osamede is wrong. Osamede means God has given me a crown