Insinger de Beaufort, the Dutch private banking and trust group which is listed in Luxembourg, announced this week that it is to strengthen its presence in Guernsey by buying Channel Financial Services (Offshore) and its subsidiaries.
Under terms of the deal, Insinger Trust (Guernsey) Ltd, Insinger's trust arm, will take over the 15 staff of Channel Financial Services, a registered independent financial adviser which provides planning advice to companies, partnerships and individuals and also operates a protected cell company subsidiary and a trust company. Since 1987, Channel Financial Services has specialised in working in conjunction with major financial institutions in the Channel Islands.
Commenting on the deal, Channel managing director Mike Dewsnap said: 'We are the only company to use the protected cell company legislation the way we do, with a cell per client. We share Insinger de Beaufort’s dedication to maintaining strong, pro-active one-to-one client relationships with the use of innovative products.'
The takeover is Insinger de Beaufort's fifth international acquisition in the past 12 months. In July the bank announced a major foray into the Channel Islands and Isle of Man with the acquisition of the offshore financial services companies of Jardine Matheson, a provider of asset management, stockbroking and trust services.
Of this latest move, managing director of Insinger de Beaufort's trust and fiduciary division in Guernsey, Raymond Page, commented: 'We see this merger as a natural progression in our aim to diversify our business through offering a wider range of financial products. This acquisition reflects our commitment to provide integrated financial solutions to our high net worth and corporate client base. At Insinger de Beaufort, we believe that innovation is key to the organic growth of an organisation. This characteristic, prominent in Channel Financial Services, makes the acquisition a natural fit with Insinger de Beaufort.'
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