Fairbairn Private Bank is to be the first British offshore island bank to be granted a banking and investment licence by the FSA.
The bank, which has offices in the Isle of Man, Jersey and South Africa, is the first example of its kind to open its doors to clients in London, said the firm.
Accountholders throughout the UK will now be able to access its full range of products and services, the bank added.
Greg Horton, managing director at Fairbairn Private Bank, said: “We believe our innovative international offering will be attractive to the growing number of UK-based high net worth individuals and allow us to succeed in what is a highly competitive market.”
He added that the company’s continued growth provides employment prospects across the business, including a ‘substantial increase’ in staff during 2008, over half of whom will be located within the offshore island offices.
Hon. Allan Bell, MHK, treasury minister of The Isle of Man, said Fairbairn Private Bank provides a ‘model of excellence’ for private banking. “As a result we are very proud to see this Isle of Man success story expand its services onshore, particularly to the well-established global financial centre of London,” he said.
Fairbairn Private Bank is a member of the Old Mutual Group.
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