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PRESS RELEASE
12 May 2009
Investec Bank brings successful cash deposit campaign home
Investec Bank is set to capture a larger slice of the cash deposit market in South Africa, with the launch of a revitalised cash deposit offering catering for individuals and privately owned businesses.
Marketed under the Investec Money banner, the offering combines the bank's innovative range of cash products with access to a team of experienced relationship managers, specialising in cash deposits. The bank's existing portfolio has been refreshed and made more accessible, with the introduction of a new cash product aimed at the retail market. The new product, Investec Top5, applies the average daily rate of the top five South African Micropal money market funds and is available with a minimum deposit of R100 000
"Although we have always had a retail cash deposit offering, with two market-leading products included in our portfolio, it's never been actively marketed. As a result, there is limited awareness of our retail offering beyond our current client base. With the launch of Investec Money, this is set to change," said Investec South Africa Joint Managing Director, Andy Leith.
Following successful campaigns in Britain, Ireland and Australia, Investec attracted the equivalent of R9.3 billion in cash deposits alone.
Research conducted by Investec in these markets revealed that many individuals and privately owned businesses had considerable sums of money sitting in accounts that were unsuitable for their requirements, but apathy prevented them from seeking alternatives.
"Investec is renowned for providing a special banking experience and we believe this ethos will successfully differentiate our cash deposit offering from what is available in the market," he said.
According to Leith, the current environment made cash deposits an attractive option for individuals and businesses alike. "With stock markets volatile and property markets uncertain, clients are looking at cash products as an asset class."
To qualify for the Investec Money cash deposit portfolio, individuals require a minimum deposit of R100 000, while the minimum requirement for privately owned businesses is R5 million.
-ends-
Issued by:
Brunswick South Africa on behalf of Investec Bank Limited
Tel + 27 (0)11 502 7300
Fax + 27 (0)11 268 5747
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