Guernsey's finance industry has significant opportunities to
win business in India, according to Peter Niven, Chief Executive of
Guernsey Finance – the promotional agency for the
Island's finance industry.
Mr Niven was speaking at the culmination of a week-long
delegation to Delhi and Mumbai organised by Guernsey Finance and
led by Deputy Carla McNulty Bauer, Minister for the Commerce and
Employment Department within the Guernsey Government.
Guernsey opened an office in China nearly three years ago but
this is the Island's first official delegation to India.
"It has been a very fruitful trip," said Mr Niven.
"We have had a lot of meetings across both Delhi and Mumbai
with some very senior government, regulatory and business officials
as well as very many industry practitioners such as leading lawyers
and accountants. In addition, we also hosted our own specific
Guernsey event in Mumbai which proved to be an extremely popular
networking opportunity attended by more than 50 officials and
"Our objective has been both to inform our hosts about
Guernsey and the very good story we have to tell but also to listen
and learn from them about how we can move forward and do business
together in the future. The delegation was very well received, we
have had very positive feedback and there has been a lot of
interest in what Guernsey can offer but this is where the hard work
"There are plenty of opportunities and not just in the
investment funds sector but also the wealth management arena and
possibly also for our captive insurance industry. However, if we
are to fully reap the benefits of the contacts we have made and the
relationships we have built, then it is important we progress a
number of initiatives in the coming weeks and months."
The Guernsey group included Paul Christopher from Mourant
Ozannes, Stuart Platt-Ransom of the Legis Group, State Street's
Gerald Hough, Robin Fuller from Dominion Fund Management and Joe
Truelove from Kleinwort Benson.
The delegation began in Delhi on Monday 18th October
where there were meetings with the India Venture Capital
Association and Bharti Enterprises (the parent group of
Airtel-Vodafone in Guernsey) as well as the Federation of Indian
Chambers of Commerce and Industry. The party then spent three days
from Wednesday 20th October in Mumbai visiting the
Reserve Bank of India, the Securities and Exchange Board of India
(SEBI) and the British Deputy High Commission. There were also
meetings with key financial services practitioners and business
introducers including the top legal and accounting firms in the two
"We had a very intensive week of activity," said
Deputy McNulty Bauer.
"I was delighted with the amount of interest in Guernsey
and its product and service offering – indeed, my
expectations were exceeded. What contributed to the success of this
visit was the in depth forward planning by the team at Guernsey
Finance to arrange a schedule of appropriate and high calibre
meetings. Additionally, there was also the commitment and
involvement of senior practitioners from Guernsey firms who
contributed very positively to the meetings with their technical
knowledge. The fact that Guernsey also sent senior political
representation and the Chief Executive of Guernsey Finance added
value and weight in ensuring that we met senior executives at the
highest level in the organisations and companies we visited.
"It is now important that we build on those relationships
and grow and develop our presence in India which will contribute
towards taking advantage of the opportunities that are and will
grow in India in order to maximise the benefit to Guernsey of
diversifying the financial services sector into this emerging
Mr Niven is also leading a delegation of Guernsey investment
funds industry practitioners to the Asia Venture Capital Journal
(AVCJ) Private Equity and Venture Forum in Mumbai at the start of
December. This will come in the wake of a delegation to Beijing and
Shanghai from Monday 1 November to Monday 8 November headed by
Guernsey's Chief Minister, Deputy Lyndon Trott, and which will
be immediately followed by Mr Niven leading another trade
delegation to wealth management and investment fund conferences in
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