The ultra-rich are getting a new bank vault to store their most prized possessions in, but only if there are no doubts as to the provenience of the money. It will open in London next week.
International Bank Vaults (IBV) caters only to the ultra-rich and makes storage in safe deposits an experience in and of itself. The London branch, which will open in the 120-year-old Stanhope House on London’s Park Lane, will be no different. It will even include a chauffeured ride in a Rolls-Royce to and from the bank.
Sean Hoey, managing director of the London branch, made the transition to IBV after 30 years with Harrods, and he says the experience for the clients will be even more exclusive than with his former employer. “We won’t deal with millionaires,” Hoey tells The Guardian, very matter-of-factly. “We will be dealing only with billionaires."
“We are the most expensive safety deposit box in London; actually, in the world,” he adds. “But you know the saying, ‘You get what you pay for,’ and the customers here will be king.”
That starts with the fees and the experience of going to the deposit box: the smallest runs for £600 a year and is big enough to house a handful of jewelry items and a “fair few” gold bars. Those with bigger possessions will be able to rent out bigger boxes or even an entire room for £2.5 million a year.
But at least they won’t have to worry about driving themselves to the vault or asking staff to get the car out of the garage. IBV owner Ashok Sewnarain, a multimillionaire himself, bought a Rolls-Royce for this specific purpose. It bears the license plate II IBV and can be summoned to ferry you to the vault and back whenever you need.
Given the expensive nature of the goods stored inside the deposit boxes, security is the main concern. There are fingerprint and iris scans for the owners, while the vaults are protected by steel-lined walls, ceiling and floor, which prevent thieves from tunneling their way in. That, in addition to the security guards and “white-gloved custodians” on site.
While this may sound like the ideal place for crooks to hide their crooked money, Hoey says the clientele will be as exclusive as the services provided. All owners will be vetted by a bank committee after referrals from private banks, and rejected if there are suspicions about the way they’ve made their fortunes.
“We don’t want money-launderers or undesirables, we want to know our customers,” Hoey adds.
Sean Hoey, managing director of the London branch, made the transition to IBV after 30 years with Harrods, and he says the experience for the clients will be even more exclusive than with his former employer. “We won’t deal with millionaires,” Hoey tells The Guardian, very matter-of-factly. “We will be dealing only with billionaires."
“We are the most expensive safety deposit box in London; actually, in the world,” he adds. “But you know the saying, ‘You get what you pay for,’ and the customers here will be king.”
That starts with the fees and the experience of going to the deposit box: the smallest runs for £600 a year and is big enough to house a handful of jewelry items and a “fair few” gold bars. Those with bigger possessions will be able to rent out bigger boxes or even an entire room for £2.5 million a year.
But at least they won’t have to worry about driving themselves to the vault or asking staff to get the car out of the garage. IBV owner Ashok Sewnarain, a multimillionaire himself, bought a Rolls-Royce for this specific purpose. It bears the license plate II IBV and can be summoned to ferry you to the vault and back whenever you need.
Given the expensive nature of the goods stored inside the deposit boxes, security is the main concern. There are fingerprint and iris scans for the owners, while the vaults are protected by steel-lined walls, ceiling and floor, which prevent thieves from tunneling their way in. That, in addition to the security guards and “white-gloved custodians” on site.
While this may sound like the ideal place for crooks to hide their crooked money, Hoey says the clientele will be as exclusive as the services provided. All owners will be vetted by a bank committee after referrals from private banks, and rejected if there are suspicions about the way they’ve made their fortunes.
“We don’t want money-launderers or undesirables, we want to know our customers,” Hoey adds.