The value of deposits held by banks in Guernsey soared in Q4 despite the tough economic conditions, according to the Guernsey Financial Services Commission (GFSC).
Figures show the value of deposits grew 15% - largely due to currency movements and volume growth - to reach £157bn at the end of 2008. Recent weeks have seen significant moves in Guernsey's banking sector.
Clydesdale Bank, owned by the National Australia Bank Group launched Clydesdale Bank International.
Butterfield Guernsey revealed an 18% growth in profits in 2008 compared to the previous year, while Yorkshire Guernsey has reported increased annual profits of 14% for 2008.
It is also anticipated Skipton Guernsey and Scarborough Channel Islands will integrate later in 2009 following the merger of Skipton Building Society and Scarborough Building Society.
"These developments - a combination of a new launch, profits growth and consolidation - together paint a picture of a sector that is, on the whole, well placed to remain robust in the face of challenging global economic conditions and is in a strong position to continue bringing in new business flows during 2009," says Peter Niven, chief executive of Guernsey Finance.
Niven believes Clydesdale Bank's decision to establish the Guernsey operation is "extremely positive" as the island continues to attract investment from quality operations.
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