Portman Channel Islands has opened up its office on Guernsey to create a branch allowing investors t...
Portman Channel Islands has opened up its office on Guernsey to create a branch allowing investors to contact the offshore arm of the UK building society even as it expects to lose business from the introduction of the EU"s savings tax directive.
This is Portman"s third offshore office, joining ones in Orkney and Alderney. The new office has been expanded from one person dealing with administration to three, helping clients with Portman"s sterling-based savings accounts.
Steve Le Poidevin, managing director of Portman, the UK"s fourth-largest building society with more than £14bn in assets, says: "Portman CI is rapidly developing and this move underlines our commitment, both as a key offshore player, and to the Bailiwick of Guernsey."
The office opened on Guernsey as a core administration centre in 2002. Since then the business has continued to expand, increasing savings balances by 31% at the end of 2003. Portman"s offshore arm now has 7,000 clients and Le Poidevin expects this to grow to 12,000 in the next 12 months.
He warned, however, that the EU savings tax directive will affect business if it is implemented in January 2005: "Some business will migrate [to other non-EU jurisdictions] or move onshore but the general consensus is it would be a surprise if it is 2005 as member states have not all signed up and there is some resistance."
Call 01481 712004 or visit www.portmanci.com
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