The wealth management arm of Standard Bank Group, the largest African bank by assets and earnings, has changed its name to Wealth and Investment.

Standard Bank Private Clients, part of South Africa's Standard Bank Group, is rebranding to Wealth and Investment to enhance its competitive standing within the global market.

The business, which launched seven years ago to target the bank's high net worth clientèle, serves individuals with over $1 million in investable assets. It currently manages around $12 billion in assets worldwide.

Standard Bank Wealth and Investment's offering includes specialised lending, risk solutions, transactional banking, trust and fiduciary services and investment solutions.

“The name change is a reflection of our shift in strategy to provide more holistic financial planning and advisory solutions around wealth creation, lifestyle requirements, wealth preservation and legacy and philanthropic ambitions,” said the firm's head of wealth and investment, Africa and International, Deon de Klerk.

“This shift is in response to changes in the high net worth market, and a need to position the business more closely with international competitors.”

Industrial and Commercial Bank of China is currently the single-biggest shareholder in the Standard Bank group, with a 20.1 per cent shareholding.