Investec tackles transaction banking
Investec Bank (Australia) has expanded the range of services available to clients of its Professional Finance division, with the launch of a range of credit cards. Professional Finance, which services medical practitioners and other professionals, has been part of the local Investec business for eight years.With the bank's move to reduce its exposure to commercial property finance over the past few years, Professional Finance has taken on a bigger role in the overall business. At the bank's March 2012 balance date, its Professional Finance business made up 55 per cent of its total loan book.Investec's head of Professional Finance, Barry Lanesman, said the basis of the business was finance for business property, practice equipment and cars. Lanesman said: "We are looking to diversify the business. We will launch a transaction banking service in the next couple of months."Investec is offering Visa Signature and Visa Platinum cards. The Signature card is only the second card on Visa's high-end platform offered in Australia (the other is Citibank's Citi Select).Lanesman said: "We are merging the card with our leasing and asset finance business. Customers can buy a car or equipment on the card and we will roll it into a lease or chattel mortgage."Limits will be higher than you would normally have on a card. We can do that because this business is niche and we know our clients."