Offshore boost to banking profits

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Strategic success at Guernsey-based Clydesdale Bank International has contributed to underlying growth in profits. Clydesdale and Yorkshire Banks, owned by National Australia Bank Group, report results for their banking operations for the 12 months to 30 September with underlying profits up by 4% to £533m.

James Blower, Managing Director of Clydesdale Bank International says this Guernsey-based operation contributed significantly to the profit uplift this year. Blower confirms that a lot of its current business comes through, “Wealth managers, offshore bonds, other tax structures like QROPS, Wraps, Sipps, and simple trusts.” A key reason for the current success lies in its strategy of setting out a stall that promises consistently good rates. Blower confirms that the Bank is offering “particularly attractive rates right now, so we’re currently top of the market on five year, joint top on t...

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