Investec Transfers Jersey Banking Business To Guernsey
It emerged this week that Investec Bank has become the first financial services
institution to take advantage of a new law, passed in Jersey in September, by
migrating its banking business to Guernsey. The Guernsey Press and Star reported on Thursday that the transfer is the first
of its kind, and that the amalgamation of Investec Bank (Jersey) with Investec
Bank (Channel Islands) will provide the bank's customers with a more efficient
and consolidated service. 'We were pleased to be able to migrate the business under the new Jersey law,
which has made the transfer as convenient as possible for our clients,' Mort
Mirghavameddin, managing director of Investec Bank (Channel Islands) told the
newspaper, explaining that: 'Previously such a move would have required a relatively large amount of form-filling
and caused considerable inconvenience.' The transition into one entity will also substantially boost the level of deposits
held by the Guernsey-based bank, according to the Guernsey Press. .
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