IoM Chosen For New Barclays Offshore Division

by Jason Gorringe, Tax-News.com, London

29 April 2003

Barclays Bank has chosen the Isle of Man as the location for the headquarters of its new Barclays Private Client International Ltd (BPCI). The bank is aiming to focus on international wealth management, both on the Island and globally.

The move is seen as a ringing endorsement of the Island's status as a primary offshore finance centre, as well as the jurisdiction's well-governed regulatory environment, which was one of the major reasons for Barclays' decision, according to the division's new head, Jonathon Pine.

The formation of BPCI was a result of a recent restructuring programme, and will incorporate the bank's operations in the Channel Islands. However, Mr Pine emphasised that this did not reflect any major disparities between the Isle of Man and the Channel Islands in terms of business environment, and stressed that the object of the restructuring project was to harmonise rather than revolutionise, according to a NewsMann report.

"Procedures have always been largely the same in each jurisdiction and we don't see this latest move as a withdrawal from the Channel Islands," Pine observed, adding that: "The two islands have their own particular strengths and we remain committed to both."

Despite the difficult economic climate, Pine predicted that there is still much potential in the offshore finance industry. "Clients will always be looking for security, protection and tax planning expertise … and all the more so in uncertain world," he explained.

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