ABSA PRIVATE BANK NOT FOR PROFESSIONALS

I have, for a number of years now, been an ABSA Platinum One account holder and had a bond of R 3.2 m registered over my previous primary residential property (worth R 6 m) which served as the security for my facility. Earlier this year I sold the property and developed a new property in Somerset West at a cost of R 12 million. I requested my Private Banker to arrange the same facility with a covering bond of R2.5 m over the new property to provide me with a Platinum One facility once more. A bond of R 3m was registered over my new property in Somerset West of which I was allowed to use R 1 million. I have since cleared the loan and do not owe a sent to ABSA. ABSA now refuses to provide me any Platinum One facility although they have a bond registered over my property and although the property is worth in excess of R10 million. I know it does not make sense but neither does ABSA as banking institution for professionals.<br> <br> In over 40 years I have never had a bad debt, a cheque returned or missed a payment on any account. Still I am regarded as a major risk and not worth having as a client to ABSA.<br>