Please give a list of products and services you sell via intermediaries. • Private Interest Current...
Please give a list of products and services you sell via intermediaries.
• Private Interest Current Account: an easy access account in eight currencies allowing international payments and a cheque book in sterling and euro.
• Direct Reserve Account: high interest, one-month notice savings account available in sterling, dollars and euros.
• High interest savings account 90-day notice: to be launched on 1 April in dollars and euros, paying market-leading rates of interest directly linked to Fed and ECB rates.
• Fixed deposit accounts: terms available from one week to 12 months in eight currencies.
• Stockbroking and safe custody service: execution only.
• Consultative investment service: bespoke offering to high net worth clients with a minimum investment size of £3m.
We also provide a banking offering to trust and corporate entities where the trustees or corporate officials are regulated and licenced by an appropriate body.
In which countries do you have representative offices?
Guernsey and Channel Islands. (Investec Private Bank also operates out of London, Switzerland, Ireland, Australia and South Africa.)
Into which jurisdictions can you promote your products and/or services?
Banking products can be promoted in Guernsey and the UK and through selected media in other countries, for example, in international magazines.
From which jurisdictions that you do not advertise yourselves in can you still take business?
Selling investments direct to UK residents.
What are your total assets under management and roughly how are they split between your various types of product and service?
The Guernsey bank has a balance sheet of £893m made up of short and long-term deposit monies.
How are assets split geographically?
The split of domicile for investors is approximately 40% South African, 20% UK and 40% from other countries. The split of residence is approximately 30% South Africa, 20% UK and 50% in other countries.
Has your parent company given any legally-binding promises to protect clients of their international subsidiary in the case of problems?
Has your parent company given any non-legally binding assurances?
Yes. The mother company has published a 'comfort letter' giving a non-legally binding indication of willingness to protect clients of the private bank from losses.
In as much detail as you can, please describe what your plans are for future expansion and change over the next 12 months, including product launches, strategic moves into new territories and so on.
• Continue penetration of the offshore trust market in banking, lending and investments.
• Roll out offshore investment management offering to high net worth investors.
• Deliver retail banking offerings and products to clients with cash requirements.
• Grow loan book by 30%.
Investec is an international specialist banking group that provides a wide range of financial products and services to a niche client base.
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