FirstBank Ghana has launched its Private Banking and Wealth Management service for high-net-worth individuals, focusing on wealth preservation and growth. The initiative aims to provide tailored financial solutions and advisory services while emphasizing the importance of protecting wealth from economic downturns. The formal service launch is expected later this year, demonstrating the bank’s dedication to wealth management in Ghana.
FirstBank Ghana has unveiled its Private Banking and Wealth Management service, aimed specifically at high-net-worth individuals to assist in accumulating and safeguarding their wealth. With a focus on customer satisfaction and extensive industry knowledge, this initiative seeks to broaden the bank’s offerings in the Ghanaian marketplace.
The service encompasses tailored financial advisory capabilities designed to assist clients in navigating intricate economic environments while maximising their investment outcomes. A launch event on March 14 featured executives from FirstBank’s branches in Ghana, Nigeria, and the UK to discuss the service’s relevance and its potential influence on Ghana’s financial sector.
Victor Yaw Asante, Managing Director and CEO of FirstBank Ghana, highlighted the necessity of categorising clients according to their financial requirements. He noted that while the bank provides various banking solutions, this new service is especially crafted for clients aiming to shield their wealth from economic volatility such as inflation and currency depreciation.
Mr. Asante declared, “We recognise that individuals with significant wealth require specialised financial solutions. Our Private Banking and Wealth Management service is designed to ensure that our clients’ wealth is not only preserved but also strategically grown through carefully selected investment instruments.”
He further assured clients that the bank’s aim was not to contest for market dominance but rather to deliver optimal services tailored to unique client needs. The formal launch of this service is anticipated later in the year, further solidifying FirstBank’s status as a reliable partner in wealth management.
Mr. Idowu Adebayo Thompson, Group Executive for Private Banking and Wealth Management at FirstBank Nigeria, contributed an international viewpoint by addressing the crucial aspects of wealth preservation and intergenerational wealth transfer. He cautioned that over 70% of wealth can dissipate by the third generation, underscoring the need for structured wealth management.
Mr. Thompson stated, “Ghana is at the frontier of many economic changes, and with the right financial planning, individuals can protect their wealth from inflationary pressures and currency fluctuations.” He also outlined key growth sectors including real estate, infrastructure, technology, and agriculture as promising avenues for investment.
Mr. Olukorede Adenowo, Managing Director and CEO of FirstBank UK, spoke on the importance of global banking in ensuring wealth stability and security, touting the bank’s rich heritage of 130 years and its extensive international footprint as significant advantages.
He elaborated on the range of financial instruments available, such as fixed-income products, equities, and real estate investments. For clients wishing to invest abroad, mortgage options are also provided to help secure assets in international markets against potential economic adversities.
In summary, FirstBank Ghana’s new Private Banking and Wealth Management service marks a significant advancement in catering to high-net-worth individuals. With a focus on personalised financial solutions and an emphasis on wealth preservation, the initiative aims to address the evolving needs of affluent clients in Ghana. As the service prepares for its formal launch later this year, it reinforces FirstBank’s commitment to empowering clients in effective wealth management and investment strategies.
Original Source: www.graphic.com.gh
