Page 97 - KZN Top Business Portfolio - EBOOK 2019

Founder and CEO IBV International Bank Vaults complete with steel-reinforced concrete and
protected by a sophisticated, multitiered security
shok Sewnarain is the owner of South system. They are monitored by trained professionals
Africa’s first privately owned safe deposit and open 24 hours a day, seven days a week, 365
vaults, IBV International Bank Vaults days a year.
Awhich is located in Durban’s Gateway Sewnarain subscribes to the philosophy that says
Mall and in Sandton, Johannesburg. one should persevere and be determined to pursue
Sewnarain was born in Mayville, an Indian- his dreams in whatever business that one chooses.
designated area in apartheid South Africa. His father He says, “Business is full of risk and challenges that
ran a small, often struggling, estate agency and taught we must confront on a daily basis.”
his son to never give up. When Sewnarain took over He added that he had had many failures in
the family business, he injected new ideas into it, his business career, but all had made him more
expanding into the hotel and hospitality industry as knowledgeable and humble.
the barriers put up by apartheid were dismantled.
However, Sewnarain says, “You must be bold
“It was around 2004 when I overheard a bank and have courage to launch business ventures with
teller saying that there is a long waiting list of people honesty and respect for staff, customers, suppliers
who wanted to put their valuables in the bank’s and service providers.”
vault. I jokingly said that I will open my own vault,”
Sewnarain says with a wry smile. “Life is about dreaming big. Dream to make a
million dollars, rather than a million rand. The most
Sewnarain began to seriously think about successful people in the world dream big. It’s free. It
opening a vault. He did extensive research, has no boundaries and borders,” he explained.
which took him to other countries to look at how
the vaults are constructed, the finance involved, International Bank Vaults’ customers have
security features and a host of other things. He special, reserved parking close to the facilities and
found that there is substantial demand for such many of them drive exotic cars. The IBV Supercar
sophisticated facilities. Club has spun off from the vault business; has a
membership of more than 700 super-rich car
In May 2005, Sewnarain opened the first private owners and is recognised as one of the world’s
vault, in Umhlanga’s Gateway Mall. “We choose leading supercar clubs. Sewnarain is its founder,
the best malls and prime spots for our vaults. Our leading patron and chairman.
first site was selected because of its proximity to
significant business and residential developments The members of the club often raise funds for
in KwaZulu-Natal. Also, the layout of the Gateway charity. In 2014, they won the Guinness world
complex facilitates International Bank Vaults’ strict record for raising R1 million for Child Welfare
security standards.” of South Africa in record time. The club has also
partnered with the United Nations Children’s Fund
“It’s a risk to have a safe at home because many Unicef in raising money for charity.
people have access to your home. We offer a
solution, and peace of mind. We add value to the Sewnarain commented that he tries to create a
country in a sense that people can safely keep balance between good business and profit through
their gold and other assets in the country instead of providing community and social support. This
sending them offshore.” balance is achieved by promoting a spirit of social
entrepreneurship, which he believes is an important
International Bank Vaults offers safety deposit aspect that every business leader should adopt in
boxes in modern-day fortresses. The vaults are their own enterprises. He concluded, “The more
built to international standards and specifications, that you give the more that you get.”

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