Global financial services provider Providence has reinforced its strong commitment to Guernsey after representing the Island at STEP LatAm Conference in Brazil.

Marcelo Bernardez Fernandez, Chief Operating Officer in Brazil, was part of the team representing Guernsey Finance – the promotional agency for the Island's finance industry internationally – on its exhibition stand at the two-day event in São Paulo.

Mr Fernandez said the event had provided an invaluable opportunity to inform advisers in South America about Guernsey's expertise as an international finance centre.

"It was an honour to be at a local conference promoting Guernsey and explaining how Providence has experienced continued growth and success as a result of basing its headquarters there," he said.

Providence has had a base in Guernsey since September 2014, when it completed the acquisition of Guernsey licenced fund administrator Fund Corporation – now renamed Lumiere Fund Services.

Antonio Buzaneli, Co-Founder and Chief Executive, said that the decision to be based in Guernsey was the right one and added that he was delighted to continue to strengthen Providence's presence in the Island, growing from a team of 10 to more than 30 employees.

"Guernsey offers us a credible, well-regulated environment and is home to a pool of investment talent. We have been really impressed with the quality and professionalism of the Guernsey financial services industry and believe that these attributes will continue to serve us well over the coming years."

Before establishing a Guernsey base in 2014, Providence had previously launched a Guernsey Financial Services Commission registered investment fund in 2012, giving investors the opportunity to make significant investment returns from the South American factoring market.

Mr Buzaneli added: "Raising credit by way of factoring is a way of life in Brazil and by Brazilian standards, a relatively inexpensive way of obtaining finance. The recent change in Brazil's credit rating has had a positive effect on Providence and its investors by bolstering the alternative lending environment.  As banks' lending criteria tighten and the costs of conventional borrowing increase, demand for Providence's factoring services continues to grow and, in the past few months alone, requests for Providence funding have steadily increased three-fold from $300,000 to more than $1 million per day.

"Providence's fund provides international investors with access to this exciting and thriving sector of the economy, which is not generally accessible to foreign investors and the returns that we can offer are uncorrelated to the turmoil seen in capital markets, with our risk already factored in."

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