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...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes