Guernsey's newest bank, FNB Channel Islands (FNBCI), has officially opened for business.
FNBCI, the newly established Guernsey branch of FirstRand Bank Limited, enhances FirstRand's presence in Guernsey as it already provides a wide range of fiduciary services through FNB International Trustees Limited - the specialist international offshore service provider of the FirstRand Group.
FirstRand is South Africa's largest bank by market capitalisation, while the opening of its branch, FNBCI, brings the total number of licensed banks in Guernsey to 31.
FNBCI will offer clients a range of transactional and savings account with competitive rates and pricing.
Stuart Talbot, Head of Banking at FNBCI, said: "Our FNB Channel Islands clients will get the benefit of a bank that is constantly innovating and evolving. Convenience and security has been built on the back of sound core banking technology for which FNB is renowned."
FNB Chief Executive Officer Jacque Celliers and First Rand Chairman Laurie Dippenaar were both in Guernsey earlier this week to attend FNBCI's launch event at Castle Cornet. Mr Celliers said the offshore branch had been a missing element in the group.
"We tried to build on what we have on the fiduciary and asset management side to create a big disruption in our markets in terms of banking. I think the timing couldn't have been better and we have big aspirations for what we have put down here."
He added that FNBCI was pleased to be making a strong commitment to Guernsey.
"It's not a right to be allowed into a jurisdiction, it's a privilege, and we are extremely grateful for the privilege. When you plant a flag in a jurisdiction you just don't run away - we are going to be here for a long time."
Dominic Wheatley, Chief Executive of Guernsey Finance, said: "Guernsey has enjoyed strong business links with South Africa for some time and this development is further evidence of that relationship. FNB Channel Islands is a welcome addition to the Guernsey banking market."
The most recently published figures from the GFSC show that the total value of deposits held by banks in Guernsey stood at £83.4 billion at the end of March 2015.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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