IoM Private Bank Opens Representative Office In Hong Kong

by Robert Lee, Tax-News.com, London

08 April 2003

Gerrard Private Banking, the Isle of Man and Jersey based institution, has opened a representative office in Hong Kong.

The office is staffed with local professionals, and managing director Greg Horton believes that the use of Cantonese and Mandarin speakers will significantly expand the bank's reach to a potentially large Asian market.

Horton said the Hong Kong operation would focus particularly on the international market and will offer clients a "holistic wealth management service" that encompasses banking, asset management, trustee and corporate services.

The move follows another recent expansion when Gerrard opened a representative office in South Africa.

According to a report from the Isle of Man Online news service, the bank has some £600 million worth of assets and a lending book of £100 million. Fifty per cent of its 11,000 clients are based in the UK. The bank has also been given an A2P1 rating by the ratings agency Moody's.

Previously known as Fleming Offshore Bank, Gerrard Private Banking was purchased in 2001 by South African group Nedcor and Old Mutual from JP Morgan Chase. It has two registered banks in Jersey and the Isle of Man, and two wholly owned subsidiaries - Fairbairn Trust Company and Gerrard Trust.

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