South Africa’s First National Bank has launched a new private client division, aimed at its 30,000 high net worth customers. Until now FNB h...

South Africa’s First National Bank has launched a new private client division, aimed at its 30,000 high net worth customers. Until now FNB has only been able to offer transactional banking services for its high net worth customers. The bank's previous private banking operation, FNB Private Bank, was merged with Origin and became RMB Private Bank last year after being re-branded Henry Ansbacher in 1997 and later Ansbacher. According to FNB Private Clients chief executive officer, Eric Enslin, the total market for private banking services is growing, with black South Africans the fastest growing segment, making up about 30 per cent of those with annual earnings of more than R750,000 ($118,000). FNB estimates that the South African private banking market to be worth more than R7 billion in annual revenue.