Up to 50% of affluent South Africans' portfolios are held abroad, says FNB
Speaking during the 10-year anniversary on Monday, CEO of FNB Guernsey Aneesa Razack said South Africans were increasingly looking to international banking as a hedge against market volatility, currency depreciation, geopolitical instability and changes in tax trends.
'Today, 30%-50% of affluent South Africans' portfolios are held abroad and we're witnessing a significant increase in clients seeking ways to externalise their wealth and hedge local risk without physically emigrating,' she said.
Established to primarily service high-income and high-net-worth customers, FNB's business on the English Channel island has managed to acquire £1bn (R23.99bn) in deposits.
Razack said Guernsey had evolved into a highly-respected, transparent and forward-looking centre for international companies.
'When we first set out on this journey, our ambition was simple, to help globally-minded Africans unlock the freedom of a financially-connected world. We believed then, as we do now, that going global should not be complicated or out of reach, but responsible, smart and within grasp for anyone with the vision to grow borders,' she said.
Guernsey, with a population of 63,000, is viewed as a tax haven with a flat corporate tax rate for most companies and is an attractive destination for international businesses.
Razack said over the years, FNB had not only built a business but a community of trust and shared vision.
'Our global offering has become an indispensable enabler for clients seeking to tap into global wealth opportunities through a secure and trusted integrated financial services platform.'
She said offshore investing and global wealth management is not a departure from a client's home base, it's an extension of their ambitions.
Sizwe Nxedlana, CEO of FNB Private, said generational wealth and accessibility have helped shift perceptions from exclusivity to inclusive, value-driven wealth management.
'What sets FNB Guernsey apart is its fiduciary, tax and investment specialist offering to clients, which is tailored to cross-border services. We don't view international banking as a stand-alone service but as an integral part of clients' broader wealth strategies. Whether our clients are planning for their children to study abroad, managing assets across multiple jurisdictions or securing a legacy for future generations.'
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