Investec to offer bespoke personal banking solutions including credit cards, car loans and mortgages

05 December 2013 - Which Way To Pay

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Investec are scaling down to become a 'boutique' bank to offer credit cards, car loans and mortgages

Investec has started their sales process for its professional finance and asset finance and leasing divisions. This follows the slimming down of foreign banks reducing their Australian operations amid slowing returns. The British and South African banking group said it would transform its Australian banking business to "improve returns and maximise value."

Alternatives for its professional finance include offering credit cards, mortgages and car loans

The bank has appointed independent advisers to "identify alternatives" for its professional finance and asset finance & leasing divisions. "These alternatives include a possible sale, a joint venture with an appropriate supportive partner, or continuing with current operations," the bank said in a statement. Investec closed its small institutional stock broking and private equity businesses, shut its power business and scaled down corporate finance last August, this resulted in more than 50 job losses. "We believe Investec is in a strong position to navigate through the current competitive economic environment to be able to take advantage of opportunities as they arise," the bank said earlier this week.

Car loans, mortgages and credit cards: To take advantages of opportunities Investec launches adviser-focused banking

As Investec looks to expand its financial adviser presence, it is rolling out a tailored personal banking service for financial planners. As part of its new offering, the bank will offer bespoke personal banking solutions for advisers including residential mortgages and investment property, car loans and premium credit cards. "Financial advisers are a unique group of clients with a distinct set of banking requirements," Investec's head of IFA Gareth Bird said.

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