IBV International Vaults operates South Africa’s first and only private safety deposit vault. We caught up with their CEO, Ashok Sewnarain to find out more.
LM: What is your background?
AS: I am an accomplished businessman with interests in the property and hotel industry in both South Africa and abroad. I was born in Mayville, an Indian-designated area during the apartheid, and my father ran a small, often struggling, estate agency, which is where I got my resilient spirit from. When I took over the family business, I injected new ideas into it, thus expanding into the hotel and hospitality sectors as the barriers put up by apartheid were dismantled.
LM: What makes you stand out from other safe deposit box vaults?
LM: Who is IBV International Vaults partnered with?
AS: We are partnered with numerous international partners to adhere to our clients’ every need with regards to auto care, lifestyle and travel benefits as well as Gold and Diamond Partners. We also have partnerships with some of the luxury car brands. We do assist with new luxury supercar model launches in South Africa as our target market is the same.
LM: Why did you start the business in South Africa?
AS: It was around 2004 when I overheard a bank teller saying that there is a long waiting list of people who wanted to put their valuables in the bank’s vault. I jokingly said that I will open my own vault. After I left the bank I began to seriously think about opening a vault. I did extensive research, which took me to other countries to look at how the vaults are constructed, the finance involved, security features and a host of other things. I found that there is substantial demand for such sophisticated facilities.
LM: Has the recent Hatton Garden robbery in London affected your business and how you go about keeping valuables safe?
LM: Who are your main clients?
AS: Our safety deposit lockers range between R250 per month – R875 per month. We therefore cater for every individual that wishes to store their valuables. However we predominately have a database of clientele who are LSM (Living Standards Measure) 7 – 10++.
LM: How do you guarantee total security in a country which has a high crime level? How tough is the vetting process when hiring employees?
AS: We have strict procedures with regards to staff employment and protocol in order to ensure our clients’ valuables are never at risk. Due to our intensive security measures previously mentioned, and our constant strive for proactivity – we are consistently working on upgraded security measures and employing new technology to ensure this.
LM: What types of items do people store in the boxes?
AS: For security reasons, we are unable to answer this specifically. However our clients are able to store whatever item they deem valuable, whether it be gold, licenced firearms or jewellery. However we do have security measures to ensure these items are not narcotic and so forth.
LM: With premises currently in Durban and Sandton, what are your plans for expanding the company in South Africa and beyond?
AS: We are currently working on the development of our Cape Town Branch, and have plans in the near future to expand our branches internationally within Dubai, Shanghai and Switzerland.
LM: What is your personal luxury?
AS: I have always had a personal love for high performance vehicles – I own a Rolls-Royce.