There are so many banks in South Africa. From traditional banks, industry-specific banks and banks for a certain tax bracket. One of the most well-known banks in South Africa is Rand Merchant Bank (RMB). RMB has many arms in its bank and one of them is Private Banking.
RMB is a division of FirstRand Group. The financial institution became part of FirstRand Group in 1998. RMB was started in 1977 by three entrepreneurs: Laurie Dippenaar, GT Ferreira and Pat Goss. At first, the three co-founders started RMB as a financial structuring house in Johannesburg.
If you are interested in becoming a client of RMB, then this article is for you. We are going to look into RMB and especially at their Private Bank offering.
What Does RMB Do?
RMB operates as any normal bank. The financial institution has many offerings on its platform. Some of its offerings include:
RMB Corporate Transactional Banking
Under its corporate transactional banking, RMB offers these solutions:
- Integration channel.
- Foreign currency clearing.
- E-commerce solutions.
- Foreign exchange.
- Nostro services.
- G20 and African currencies dealing.
- Correspondent banking.
- Forex solutions.Tradesport solutions.
- Investing solutons.
- Payment solutions.
- Supply chain finance solutions.
- Trade solutions.
RMB Investment banking
Under its investment banking department, RMB offers:
- Corporate finance advisory solutions.
- Sustainable finance solutions.
- JSE Equity sponsor services.
- Growth capital solutions.
- Principal investments.
- Loan solutions.
- Equity capital markets solutions.
- Export credit agency.
- Infrastructure sector solutions.
- JSE Debt sponsor services.
- Leveraged finance solutions.
- Loan syndications.
- Mergers and acquisitions.
- Real estate finance solutions.
- Resource sector solutions.
RMB Private Equity
Under its private equity department, RMB offers:
- BEE funds solutions.
- Management buy-outs/ins solutions.
- Leveraged buy-outs/ins solutions.
- Replacement capital solutions.
- Growth capital solutions.
- African solutions.
RMB Private Banking
Now this is the most important aspect of our article. Here we will look at some of the solutions RMB has under its private banking offering.
One of the first things under private banking is that you receive a private advisor supported by a team of subject matter experts. Their areas of expertise range across property or lending structuring, global solutions, succession planning, wealth management, portfolio management and insurance. This team of financial experts will look at your challenges, balance sheet and financial aspirations to construct custom solutions for you. Additionally, you also receive banking solutions and more that align with your lifestyle.
Some of the other solutions offered by RMB Private Banking include:
- Transactional banking solutions.
- Specialised and structured lending solutions.
- Management services, stockbroking (and a private stockbroker), cash and tax-free range, unit trusts and pre- and post-retirement solutions.
- Succession and estate planning.
- Global wealth solutions.
- eBucks rewards and eBucks lifestyle solutions.
- Investment and corporate banking solutions.
- Global market solutions.
- Private equity solutions.
- Client coverage solutions.
- Family banking solutions (spousal account and FNB youth account).
- FNB Channel Islands account.
- Securities local trader account.
- Securities global trader account.
- Access to FNB slow lounges and international lounges.
- Complimentary money maximiser account.
- Complimentary global debit card and global account.
- Up to 15% back on your FNB Connect SIM plan and prepaid bundle purchases in eBucks
- Unlimited WhatsApp messaging on us every month on your FNB Connect SIM card
- Up to 100% back in eBucks on a new device from the eBucks Partner Shop
RMB Private Banking Fees
The following fees are applicable to the RMB Private Bank Fusion account, current account, credit card, single facility, one account, revolving facility and money maximiser accounts.
Monthly fusion credit facility fee (clients with credit agreements concluded since 6 May 2016) – R 69
Monthly rebate on fusion credit facility fee – R 69.
Monthly fusion Credit Facility fee (for clients with credit agreements concluded between 1 June 2007 and 6 May 2016) – R 57,50.
Monthly rebate on fusion credit facility fee (for clients with credit agreements concluded between 1 June 2007 and 6 May 2016) – R57,50.
Monthly overdraft service fee (for clients with credit agreements concluded between 1 June 2007 and 6 May 2016) – R 57,50.
Monthly overdraft service fee (for NCA clients with credit agreements concluded since 2016) – R 69.
Monthly revolving facility service fee (for clients with credit agreements concluded between 1 June 2007 and 6 May 2016) – R 57,50.
Monthly revolving facility service fee (for clients with credit agreements concluded since 6 May 2016) – R 69.
Once-off revolving facility initiation fee – R 1 207,50 depending on your loan amount.
Personal loan monthly service fee – R 69.
Personal loan once-off initiation fee – R 1 207,50.
This is just a brief summary of the charges that come with being a private client of RMB. Although the charges are many, there are a lot of benefits and solutions that come with banking with RMB.
To apply at RMB, request a call-back and a consultant will call you back. Alternatively, you can call your private advisor directly and they will help you apply.
