Investec Transfers Jersey Banking Business To Guernsey

by Carla Johnson, Investors Offshore.com

13 December 2002

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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