Offshore Investment

Sterling has continued its nosedive as it hits a 10 year low against the US dollar, sinking to $1.3751.

Friends Provident International (FPI) has launched Summit, a single premium product for long-term investors in the Middle East.

Bradford & Bingley International has reduced its sterling rates following the Bank of England Base Rate cut of 0.5%.

The UK and Guernsey governments have signed a tax information exchange agreement (TIEA) in a bid to prevent tax evasion.

The Landsbanki Guernsey Depositors Action Group (LGDAG) has decided not to mount any organised demonstrations at the present time, despite mounting pressure from international investors.

Bank of London and The Middle East (BLME) will launch a Shariah compliant private banking business, extending its Wealth Management Division.

Swiss banking group SYZ & CO has announced a change of manager for its OYSTER World Opportunities fund.

Standard Bank has appointed Adam Hunt as head of high net worth clients within its Private Bank division.

Nationwide International has reduced savings rates for its US dollar offshore accounts following the cut to the US Federal Reserve Base Rate in December.

Stenham has appointed Damian Cocking as senior relationship manager for the Channel Islands and Isle of Man while Marco Gebhard has been hired for the European market.