Peter Symes, managing director at Yorkshire Guernsey was absolutely thrilled with the news.
"Even though 2010 was a tough year across the whole of the industry, we are delighted to have won this prestigious award," he said.
During 2010 Yorkshire Guernsey's deposits under management grew by 7% while making a profit before tax of £1.5 million. A wholly owned subsidiary of Yorkshire Building Society, Yorkshire Guernsey was the first UK building society subsidiary to be established on the island (since 1990) and has managed to maintain a very healthy balance sheet and an extremely strong capital base in its own right.
"Winning this award is a testament to the dedication and hard work of all the team at Yorkshire Guernsey and I am extremely proud of everyone," added Mr Symes.
Held at London's Marriott Hotel in Grosvenor Square on Thursday 24 March, the 10th annual Business Moneyfacts awards ceremony was hosted by Hugh Dennis, best known for the BBC comedy Outnumbered and a panellist on Mock the Week.
The awards were presented to those companies and brokers that have consistently offered the most competitive products and the best levels of service while demonstrating the greatest innovation in the business and commercial finance world during the last 12 months.
Business Moneyfacts Awards is one of the largest business finance awards in the UK recognising those who have excelled in their sectors.
To establish the award winners Moneyfacts considers all the applications and monitors the products throughout the preceding year. At the same time the broker community are consulted for their feedback.
Guernsey-based Skipton International placed second in the best offshore business deposits accounts category and was highly commended.
Lee Tillcock, editor of Business Moneyfacts said: "The 10th annual Business Moneyfacts Awards ceremony has recognised those providers, brokers and trade bodies that helped to make 2010 a more positive year for businesses. The challenges for the commercial finance sector still remain and the balance between meeting regulatory mandates and increasing funding lines will provide the biggest test for the industry through the next 12 months. The need to continue the good work that has been started is vital and a continued commitment to quality and product choice displayed by the worthy finalists and eventual winners for these awards is of paramount importance."
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.