South Africa-based Investec has announced an expansion into the UK’s private banking sector, transitioning into a full-service institution for its clients.

The move will expand it from a specialist lender to one that offers a suite of services including current accounts, credit cards, rewards and benefits, supported by digital capabilities, a global 24/7 client support model and access to its wider ecosystem, the bank said in a statement on Thursday.

“The UK high net worth market presents a compelling growth opportunity,” said Ryan Tholet, head of private banking, UK. “By broadening our proposition, deepening client relationships and leveraging the strength of the wider Investec ecosystem, we are well positioned to deliver a more integrated banking and wealth proposition.

“With Investec leading the client relationship and advice, supported by both Rathbones and Investec Wealth & Investment International’s investment capabilities, we can provide holistic advice and a seamless client experience, creating greater value for clients and stronger returns for shareholders.”

As part of its expansion, Investec’s UK branch is expanding its partnership with wealth management services provider Rathbones, moving from a referral model to an integrated assets-under-advice model. This means that Investec will lead the client relationship and advice while Rathbones provides underlying investment capabilities.

The move comes only a week after bank and financial services provider Revolut won approval from the UK’s Financial Conduct Authority to extend its wealth management capabilities beyond basic brokerage. The bank intends to support a wider range of products including managed portfolio solutions and private wealth services.

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