Investec banks on Bishops initiative
January 22, 2004
By Edward West
Cape Town - Investec has joined forces with Bishops, a private Cape Town school mostly for wealthy boys, to offer its parents, former pupils and even grandparents access to exclusive private banking.
It is the first initiative of its kind by a bank in this country, if not in the world, according to a spokesperson for the project.
The initiative, a marketing strategy by Investec Private Bank to tap into the wealth of Bishops parents, will have the added spin-off of a fund - the Bishops 2010 Fund - which will provide bursaries for disadvantaged pupils to attend the school.
It will help the school create new avenues of income and "ensure its relevance and sustainability". In addition, the school community will gain access to a level of banking reserved for high-net-worth individuals with investable assets of more than R5 million.
A portion of the banking fees generated by the initiative as well as a percentage of the total capital advanced for all lending transactions will be channelled directly into the Bishops 2010 Fund.
In addition, Investec will pay an annual marketing contribution to the school for promoting the Investec brand at Bishops.
Michael Barr, the head of Investec Private Bank in the Western Cape, said they were excited about raising funds in a manner that was "out of the ordinary and distinctive for those who were disadvantaged".
"It ... is an example of an entrepreneurial approach in practice."
Grant Nupen, the school's principal, said the aim was to transform Bishops into Africa's premier independent boys school within the next six years.
The relationship had come about through an introduction by an existing Investec private banking client who happened to be a former Bishops pupil.
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