Secure private vault facilities multinational IBV International Vaults has acquired financial services firm Standard Bank's safe custody business.
IBV will take over Standard Bank’s book of more than 20 000 clients, as well as management of its seven private safety deposit vault facilities across South Africa.
The company intends to renovate and refurbish the Standard Bank vault facilities in accordance with best-in-class international vault standards, following a similar blueprint to its successful billionaires-only vault in the affluent region of Mayfair, in London, which it acquired from Barclays Bank, says IBV founder and CEO Ashok Sewnarain.
“In our experience, national and international banks tend to offer strong rooms rather than internationally rated vaults, which have much higher requirements in terms of physical safety barriers, high-tech electronic systems and alarm features.
"So, as banks turn to digitised solutions and reduce their physical branch presence, we’ve increasingly become the industry’s partner of choice for vault-add services,” he notes.
“We pride ourselves on offering designer international-grade security rated facilities which rank among the safest in the world, and will be refitting the former Standard Bank branches with multi-tiered, designer security measures including steel-lined walls, armoured vault doors, and onsite tactical teams.”
IBV launched its first secure vault in South Africa in Umhlanga in 2005. It has experienced rapid growth over the years, with branches in Sandton, Zurich and London, as well as a new premises soon to open in Dubai.
As specialists in personal asset vault protection services, its long list of clients not only includes security-conscious middle-income earners, but also millionaires, billionaires, celebrities and even corporate companies.
Sewnarain states that, amid growing fears over robberies, theft and the threat of looting, the company has seen soaring demand for its services in recent months, especially among South Africa’s elite.
Further, in addition to the acquisition of Standard Bank’s safe custody business, IBV plans to launch its new private wealth members’ club IBV Privé, in Durban, in the coming months. Exclusive to only 750 members, this premium vault will feature an adjacent restaurant staffed by celebrity and international chefs, a members’ lounge and Rolls-Royce chauffeur service for high-net-worth clients.
“Additionally, Standard Bank’s clients will receive access to gold bullion trading facilities through IBV Gold, which provides gold and precious metal dealers and also offers gold storage and evaluation services,” Sewnarain says.
“On behalf of IBV, I would like to offer our sincere compliments to Standard Bank for building such a powerful client database and business. We are extremely proud to have been selected as their partner in this decision, which I believe speaks to the strength of our service offering, our solid track record, and our well-earned reputation for excellence.
“We look forward to welcoming their clients to our organisation, and feel more than confident that they will be satisfied with their new home,” says Sewnarain.