Investec Bank's Channel Islands division has confirmed it will be opening a new branch in Jersey following a period of outstanding growth.
The new office will be based in St Helier, the capital of the island, and will focus on providing deposit taking services to the fiduciary and corporate sectors in Jersey. The move comes after Investec noted a high demand from the fiduciary sector for its specialist services.
Investec already has a base in Guernsey, where approximately 60 trust and fiduciary clients are serviced by 45 staff located in the island’s capital of St Peter Port.
In its results for the year ended 31 March 2006, Investec Bank (Channel Islands) announced profits after taxation were up 22% to £9.7m, while client deposits had reached £1.27bn - primarily from the fiduciary sector.
In addition, it says its growing loan book has been driven by increased locally-generated business, supported by referrals from Investec Bank's London-based business.
Karen Blanchard-Foster, head of corporate business development, says the move is the next stage of its growth strategy, as it feels a ‘pan-islands’ presence will allow it to provide an improved service to the fiduciary sector.
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