Investec: Retail deposit facility to boost cash May 13, 2009
Private bank Investec aims to lure more deposits to lower its cost of funding, by offering a retail deposit account to people who may not meet its criteria for private banking. "We're putting more of a foot on the pedal to diversify our deposits here in South Africa," chief executive Stephen Koseff said yesterday. Replacing wholesale money with retail deposits would satisfy bank regulators that were demanding more liquidity amid the global financial crisis, he added. Investec, South Africa's fifth-largest bank by assets, will start marketing its Investec Money account on Sunday. The deposit facility will offer the average interest rate of the country's top five money market funds. - Bloomberg
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