FirstBank Ghana introduces private banking, wealth management service

FirstBank Ghana has introduced its Private Banking and Wealth Management service to its customers, a new offering tailored to cater to high-net-worth individuals and help them preserve and grow their wealth. 

With its longstanding expertise and a strong customer-centric approach, FirstBank is confident that its new Private Banking and Wealth Management service will expand the bank’s offerings to the Ghanaian market

The bank also aims to provide financial advisory services that enable clients to navigate complex economic conditions while optimising their investment portfolios.

The event, which took place on March 14, brought together executives from FirstBank’s operations in Ghana, Nigeria and the United Kingdom to highlight the significance of the service and its impact on Ghana’s financial landscape.

Tailored wealth solutions

At the event, the Managing Director and CEO of FirstBank Ghana, Victor Yaw Asante, emphasised the importance of segmenting customers based on their financial needs.

He mentioned that while the bank already provides premium, SME, corporate and public sector banking, this new offering is designed specifically for individuals who wish to protect their wealth from economic uncertainties such as inflation and depreciation.

“We recognise that individuals with significant wealth require specialised financial solutions. Our Private Banking and Wealth Management service is designed to ensure that our clients' wealth is not only preserved but also strategically grown through carefully selected investment instruments,” he said.

Excellence

Mr Asante assured clients that the bank’s primary goal was not to compete for market share but to offer the best possible service tailored to individual needs.

“We already have customers who require these specialised financial solutions. This introduction is a step towards ensuring they receive world-class wealth management services right here in Ghana,” he said.

The formal launch of FirstBank’s Private Banking and Wealth Management service is expected to take place later this year, reinforcing the bank’s reputation as a trusted partner in wealth creation and preservation.

Audience at the event. Picture: CALEB VANDERPUYE

Bringing an international perspective, Group Executive for Private Banking and Wealth Management at FirstBank Nigeria, Mr Idowu Adebayo Thompson, highlighted the importance of wealth preservation, growth and intergenerational transfer.

He stressed that more than 70 per cent of wealth typically disappears by the third generation, making structured wealth management crucial.

“Ghana is at the frontier of many economic changes, and with the right financial planning, individuals can protect their wealth from inflationary pressures and currency fluctuations.

The democratisation of wealth means financial solutions should be accessible to more people, not just the ultra-rich,” he said.

He also identified key growth areas such as real estate, infrastructure, technology and agriculture as promising investment sectors that FirstBank’s clients could leverage.

Global banking strength

The Managing Director and CEO of FirstBank UK, Mr Olukorede Adenowo, underscored the role of global banking in providing stability and security for wealth.

He highlighted FirstBank’s extensive experience spanning 130 years and its presence in multiple markets, including China, France and the UK, as key advantages for clients seeking to hedge their wealth internationally.

“We provide financial instruments such as fixed-income products, equities and real estate investment opportunities.

Additionally, for clients looking to invest overseas, we offer mortgage solutions that allow them to own properties abroad, securing their assets against economic uncertainties,” he said.