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Guernsey Strengthens Relationship With Asia

by Jason Gorringe, Lowtax.net, London
23 October, 2014

Guernsey has continued to court investors and build diplomatic relations in Asia, recently hosting a wealth management event in Shanghai and signing a Statement of Cooperation with the Beijing Municipal Bureau of Financial Work.

More than 140 high-net-worth individuals and advisers attended "Partnership advantage – Guernsey wealth management services explained," which was co-hosted by Guernsey Finance and the Shanghai Municipal Financial Services Office.

Guernsey's Commerce and Employment Minister, Kevin Stewart, said: "Guernsey was, in 2007, the first international financial services center to establish a representative office in Shanghai. Since then, we have developed a strong partnership with the Shanghai Municipal Financial Services Office, including signing a Memorandum of Understanding in 2010. It was a great pleasure to have their support at this event and to have such a warm welcome… which shows that the relationship is not just being maintained but will continue to flourish in the future."

Various firms with operations in Guernsey were represented at the event, including Appleby, Heritage Group, Kleinwort Benson, Louvre Group, Mourant Ozannes, Ogier, Richmond Fiduciary Group, and Sovereign Trust.

The agreement newly signed with the Bureau provides for cooperation in the promotion of common projects across both jurisdictions. Under the agreement, Guernsey Finance will work with the Beijing Financial Development Center, its opposite number, to facilitate exchange programs, training courses, and educational workshops between the two centers.

Fiona Le Poidevin, Chief Executive of Guernsey Finance, said: "I am delighted that this agreement has been signed. It shows the strength of Guernsey's relationship with Beijing and is a statement of intent for developing this further in the future."

Guernsey has also signed cooperation agreements with the China Banking Regulatory Commission (CBRC) in 2011 and the China Securities Regulatory Commission (CSRC) in 2013.

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