IOM Chief Minister Welcomes Close Banking Group

Tax-news.com

05 January 2000

Isle of Man Chief Minister Donald Gelling recently welcomed the Close Group to the island at an official reception to launch the Group's new identity. Mr Gelling described the Close Group as one of the largest merchant banking groups in the City of London, and welcomed the expertise the group would bring to the island through its new offshore team.

Close Brothers Group is in the top 200 capitalised companies on the London Stock Exchange but has not had an offshore presence until now. The Group's offshore operation on the Isle of Man came about as a result of its recent takeover of Rea Brothers (Isle of Man) Ltd who have been on the island for over 20 years.

Close Group managing director Rod Kent said ‘We had looked at a number of finance jurisdictions and were particularly impressed with the regulatory regime and the political stability that exists in the Isle of Man,’ he said. ‘This is a significant move for Close Brothers which offers many opportunities and we are very pleased to now be in the Isle of Man.’

The Close Group has established three new businesses on the Isle of Man - Close Bank (Isle of Man) Limited, Close Investment Management (Isle of Man) Limited which will focus on discretionary investment management, and Close Trustees (Isle of Man) Limited which will provide trust and corporate services.

Recommended