Jersey's Promotional Drive Opening Up Eastern Markets

by Robert Lee, Tax-News.com, London

14 June 2010

Jersey’s efforts to attract business from emerging market countries for its financial services industry have been paying dividends, according to the Chief Executive of Jersey Finance, Geoff Cook, analyzing the initiative’s success at Jersey Finance’s quarterly Members Briefing, held last week.

He told member firms that, after a difficult year globally for the financial services sector, Jersey was well geared up not only to respond to the raft of issues it faces, but also to actively create new opportunities and diversify its product and service offering.

He highlighted that increases in the level of bank deposits in the first quarter of 2010 were both an indicator of business optimism and Jersey’s improved reputation, noting in particular that 60% of the total value of deposits held in Jersey banks are now non sterling and 20% come from emerging markets, including the Middle East, the Far East and Eastern Europe.

“The latest statistics and recent anecdotal evidence indicate that the efforts we have made in building relationships in key markets to date have been incredibly valuable, in terms of real, tangible business wins and progress from a reputational point of view. It is vital, however, that we remain on the front foot and proactively seek to grow business in key markets, and our plans for the remainder of 2010 reflect that approach,” Cook said.

Continuing to build on the progress made so far in key markets, Cook announced that Jersey is planning further missions to Moscow in September and a delegation will return to China for the second time this year, in November. Jersey Finance is to also represent the island at the STEP Asia Conference in Hong Kong, also in November, and is to participate in the International Taxation Conference in Mumbai in December. A visit to the Middle East at the end of 2010 is expected to continue to bolster synergies with Dubai and Abu Dhabi.

Concluding, Cook added:

“Whilst it has undoubtedly been a difficult eighteen months for the global financial services industry, the efforts Jersey has made have really put the island in an excellent position. We are now well placed to respond comprehensively to issues emanating from the UK, US and the EU, and in a position to build business and explore new opportunities.”

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