22 September 2010
Standard Bank Group and MasterCard launch exclusive credit card for ultra high net
Standard Bank Private Clients is the first bank in southern Africa to offer the
World MasterCard, an exclusive product for ultra high net worth individuals. The
product is being provided in South Africa in association with MasterCard Worldwide.
Margaret Nienaber, head of Standard Bank Private Clients, says ultra high net worth
people require banking and transactional products that also address particular needs
associated with their time pressures and lifestyles.
"This market is as focused on receiving value for money as any other segment. For
this reason, the privileges and benefits of holding a World MasterCard have been
crafted on the basis of global insights into how people in this segment prefer to
live and work," says Ms Nienaber.
"The upper segments of the personal financial services market have been almost overrun
in recent years with products that proclaim exclusivity, only for them subsequently
to be made widely available and thus lose credibility.
"We will provide the World MasterCard only to clients of Standard Bank Private Clients,
which is structured to work with a very small segment of the personal banking market,"
Ms Nienaber says there is a considerable degree of "market noise" around the definition
of the top banking segments.
"In line with international best practice, we use Standard Bank Private Clients
to refer to the absolute upper end of the spectrum- a very exclusive group of people
- that has built very significant assets and wealth."
In addition to the expected range of transactional services, the World MasterCard
provides holders with preferential access to benefits, experiences and services
that have been assembled to match their lifestyles and expectations.
Some of the bespoke services include the World MasterCard Privileged Access Programme,
a dedicated concierge service; financial freedom with global acceptance and significant
travel benefits including the opportunity to travel in style and earn flight rewards
faster through its partnership with British Airways.
"These benefits provide access to carefully selected services or experiences that
a person might want. We believe that it is the blend of fine things and personal
attention that have firmly established World MasterCard as an exceptionally select
offering in a number of global markets," says Ms Nienaber.
"We are pleased that Standard Bank has decided to leverage the World MasterCard
for this exclusive segment of its customers. World MasterCard is one of MasterCard's
key initiatives to develop innovative premium card programmes to cater to the elite
affluent consumer segment. It takes personalisation to a new level and offers unrivalled
service and attention anytime, anywhere," added Douglas Henderson, vice-president,
Product Sales, MasterCard Worldwide.