FNB fine-tunes private banking strategy to lure more ultra-wealthy

SA's most valuable financial services group, FNB, is changing its definition of a private client to encompass families as it looks to offer a more holistic financial solution to high-end customers.

Eric Enslin, CEO of FNB's private banking and advisory unit, says the bank has about 1.4 million individual private clients across both the FNB and RMB brands out of a total of about 8.5 million active retail clients. Using its expanded client definition to encompass families, he says this leaves it with about 1 million "main banked" private clients.