Developments over recent weeks show the continued strength of
Guernsey's banking sector, according to Peter Niven, Chief
Executive of Guernsey Finance.
In November last year Guernsey introduced a Depositor
Compensation Scheme (DCS) covering all retail depositors up to
£50,000 per person per licensed bank.
Figures from the Guernsey Financial Services Commission (GFSC)
show that the value of bank deposits held by banks in Guernsey grew
15% in the final quarter of last year, not only from currency
movements but also through volume growth to reach £157bn at
the end of 2008.
Recent weeks have seen several more significant
The launch in Guernsey of Clydesdale Bank International, a
branch of Clydesdale Bank which is owned by the National Australia
Butterfield Guernsey has reported that its profits in 2008 were
18% higher than in the previous year
Schroders Private Banking, which has operations in Guernsey,
Jersey and London, won the categories for High Net Worth (HNW)
Image and Reputation and Ultra High Net Worth (UHNW) Overall Client
Service Quality at the Private Asset Management (PAM) Awards
Yorkshire Guernsey has reported increased annual profits of 14%
An announcement has been made that it is anticipated Skipton
Guernsey Limited and Scarborough Channel Islands Limited will
integrate later in 2009 following the merger of Skipton Building
Society and Scarborough Building Society.
Peter Niven, Chief Executive of Guernsey Finance – the
promotional agency for the Island's finance industry, said:
"These developments – a combination of a new launch,
profits growth, awards success and consolidation –
together paint a picture of a sector that is, on the whole, well
placed to remain robust in the face of challenging global economic
conditions and is in a strong position to continue bringing in new
business flows during 2009."
Clydesdale has established a dedicated operation in Guernsey at
new offices and with a seven-strong team of staff.
"Although Clydesdale already had a presence in the Island,
the opening of a standalone business signifies our commitment to,
and confidence in, Guernsey," said James Blower, Managing
Mr Niven added: "Clydesdale Bank establishing this
operation in Guernsey is very good news for the Island. It is
extremely positive that Guernsey is continuing to attract
investment from operations associated with such quality names like
the National Australian Bank Group. This reemphasises the
confidence in the Island as a leading international banking centre,
one which can boast inclusion on the recent OECD 'white
list' of transparent and co-operative jurisdictions."
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).