A new branch of the International Bank Vaults (IBV), a company providing bank vaults and personal asset protection services for the rich will be opened in London this week.
This new branch is in a 120-year-old mansion next to the Dorchester hotel in the Park Lane area of London. For your information, this is not a normal bank.
According to Sean Hoey, the managing director of the branch, this bank doesn’t serve millionaires but only billionaires. The services might be more expensive compared to other companies. But in return, IBV provides the safest vaults in London and in the world. With IBV, their customers are the kings and queens.
At IBV, the cheapest safety vault is 5cm tall, 15 cm wide and 40cm deep with a renting price of 600 pounds. Meanwhile, a similar vault at Metro Bank, UK’s biggest safety vault provider costs only 240 pounds.
Hoey states that the small vault at IBV can contain some jewelry and some gold bars since the vault is only a little bit bigger than a smartphone. If the customer has more to store, they can rent a bigger vault. It is even possible for them to rent a whole room here at 2.5 million pounds for one year. In fact, IBV already has some customers renting a whole room like that.
IBV owned by South African millionaire Ashok Sewnarain explained the reason why it decided to open a new branch in London. It was because of the increase in the demand of the rich to rent safety vaults to protect their assets.
The London branch is said to bring to customers a feeling of an exclusive club for the upper class rather than a bank. IBV also provides pick-up service using Rolls-Royce for customers. Drivers need to have experience and have been trained to serve this type of customer.
Hoey stated that no one could know what is inside the customers’ vaults and their privacy is ensured to the maximum level. However, from his experience working here, most of the assets are jewelry, watch collections, gold bars, coins, documents, artworks, and family photos.