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AfrAsia Bank Limited and its Group Entities
Annual Report 2015
page 138
MANAGEMENT DISCUSSION AND ANALYSIS (CONTINUED)
In an environment paved with market volatility and uncertainties,
customers tend to have multi-financial relationship where trust and
quality are at the heart of the Bank’s offer. AfrAsia Bank Limited
provides an integrated wealth management planning approach with
a high standard of professional advice.
The Bank has the ability to source exclusive products with a niche
market exposure including some regions of Africa. Through its
extensive variety of worldwide funds, ETFs, bonds and stocks, the
Private Bankers are able to adopt a tailor-made approach in line with
the customer’s risk tolerance and profile.
The External Asset Management desk (EAM) was set up at the
beginning of 2015 to act as a dedicated point of contact between
Asset Managers and the Bank. To date, the EAM Desk has signed
a number of agreements with Asset Managers and we see a lot
of growth potential in this area, in line with the Private Banking
department’s growth strategy. The EAM Desk provides an open
architecture investment platform to Asset Managers thus providing
access to both major fund houses and niche funds. The Bank has a
team of experienced investment professionals who offer proactive
investment proposals to suit the needs of the underlying clients.
Moreover, the EAM Desk has a number of collaborative agreements
with leading investments organisations to cover all asset classes
and geographies. Through the EAM desk, the Bank is able to
leverage on the credibility and financial soundness of Mauritius as
a financial centre while strengthening its existing network of wealth
professionals and thus enhance its image in the segment.
The custody department aims at facilitating clients’ investments in
more than 50 countries and provides access to specialised fund
houses. In line with the Bank’s strategy, the department is able
to provide tailor-made services to HNWI and asset managers and
acts as a one stop-shop in term of investment purposes through its
capacity to trade with vanilla product like Bonds, ETF, Equities, to
more complexly structured products and funds. The Bank’s provides
world-class valuation and performance reports. Additionally,
its ability to provide access to a wide range of brokers across
geographical areas ensures that the client has the best execution
prices. Customers can even pledge their holdings against banking
facilities hence allowing a more efficient use of their investment.
In order to offer a premium level of service, the Bank partnered with
EUROCLEAR, which is the 2
nd
largest custodian in the world.
The performance of the business line over the last few years is
testimonial of the Bank’s success and its ability to retain and offer a
different customer experience.
The Bank distinguishes itself through a tailor-made approach by
providing best-in-class services and products that have the client’s
interest at heart. The launch of the pioneering rewards programme
on the market, AfrAsia XtraMiles, has given the opportunity to the
Bank’s high net worth clients to experience a new way of being
rewarded for their loyalty. In the pursuit for perpetual innovation,
the Bank has recently extended its cards portfolio by offering the
Visa Platinum Prepaid Card, a first in the CEMEA region. The card
offers a number of benefits such as an online platform for real time
statements, extended warranty insurance and customer protection,
medical and legal referral and over 200 exclusive offers and
privileges worldwide to name a few.
Customers have also been introduced to an online access to
custody valuation reports which allows them to consult their
custody accounts under management. This platform is another first
in Mauritius and provides the convenience and transparency which
our target market requires. The Private Banking microsite (private-
banking.afrasiabank.com) allows customers to understand the
different services offered to this specific target market.
In line with its corporate philosophy, the Bank aims to be the
reference point for Private Banking linking Mauritius and the Africa-
Asia trade corridor and beyond. In order to achieve its aim and
enhance its capabilities, AfrAsia Bank Limited is investing in the
necessary tools and is improving its access to a number of experts
in fields such as legal and real estate. Such developments will
enhance its financial planning expertise which is an important part
of the advisory process and in turn enable Private Banking to further
support growth and enhance the AfrAsia brand.