South Africa's FirstRand Bank To Launch In Guernsey
by Jason Gorringe, Lowtax.net, London
30 October, 2014
South African banking group FirstRand is to open a Guernsey branch after being granted a banking license to trade as FNB Channel Islands from next year.
The bank will enhance FirstRand's presence in Guernsey, where it already offers fiduciary services through its offshore arm, FNB International Trustees Limited.
Fiona Le Poidevin, Chief Executive of Guernsey Finance, said: "FirstRand is a welcome addition to the Guernsey banking market. The group is among the biggest financial services firms in South Africa and the fact that it has chosen Guernsey as a location for an offshore subsidiary reinforces the global and international nature of our banking industry."
"Guernsey has enjoyed strong business links with South Africa for some time and this development is further evidence of that relationship. FirstRand has had a long-standing fiduciary presence in the Island and is therefore well aware of the infrastructure and expertise available in Guernsey."
The bank is the 31st to receive a license in Guernsey.
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