Best Private banks in South Africa

Taking the number one spot at the 2023 Intellidex Top Private Banks and Wealth Managers Awards was Nedbank Private Wealth, which was closely followed by Standard Bank Private Banking and RMB Private Bank.

the Intellidex Top Private Banks and Wealth Managers survey recently held it’s twelfth edition, and it ranks wealth managers and private bankers on a range of products and services.

How the research process works is that a comprehensive questionnaire gets to be completed by participating banks and wealth managers and an online client survey, and then the awards get to be based a different criteria such as client satisfaction levels, investment returns, value for money, and the likelihood of clients recommending the services to others.

40% of the Top Private Bank award was based on the judges’ assessments of responses in the firm questionnaires and 60% on client ratings from the online survey.

This year’s survey showed Nedbank Private Wealth delivering a strong performance and jumped into the top spot from fifth in 2022. The bank also won the young professional and retiree archetype awards in the private banking section.

Nandiswa Mxokozeli who is the Nedbank Wealth Management managing executive said: “We are honoured to receive this recognition, particularly given that it comes in a year in which participation in the research by clients and private banking firms reached record levels.”

Standard Private Bank moved from third last year to second in 2023, displacing RMB Private Bank, which dropped to third.