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FNB Bank Launches In Guernsey

by Jason Gorringe, Lowtax.net, London
13 July, 2015

Guernsey's newest bank, FNB Channel Islands (FNBCI), has opened for business. The opening of the branch brings the total number of licensed banks in Guernsey to 31.

FNBCI, the newly established Guernsey branch of FirstRand Bank Limited, is intended to enhance FirstRand's presence in Guernsey where it already provides a wide range of fiduciary services through FNB International Trustees Limited, an international offshore financial services provider.

FirstRand is South Africa's largest bank by market capitalization.

FNB Chief Executive Officer Jacque Celliers said: "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."

"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 GBP83.4bn (USD129.85bn) at the end of March 2015.

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