In a holding statement obtained by International Adviser, Nedbank said the new entity will combine Fairbairn Private Bank, Fairbairn Trust Company, Fairbairn Trust Ltd and South Africa based BoE Private Clients.
The statement said: “Earlier this year, the Nedbank Group Board took the decision to consolidate the group’s HNW client offerings…combining the heritage, strength and reputation of both to deliver a new, highly differentiated, truly international and competitive HNW proposition for the group’s existing and prospective clients.”
A spokesperson for Nedbank was unable to confirm whether the new entity would have the Nedbank name and whether the well-known Fairbairn name would be lost in the restructure.
However, the spokesperson said more details about the new company would be provided in October and that Nedbank is currently contacting clients of all the involved firms to inform them of the changes.
Earlier this month, Old Mutual announced that the Skandia International Royal Skandia and Skandia Ireland names would all disappear within the next couple of years, as it consolidates all its operations into a single wealth management business called Old Mutual Wealth.
