A top US bank, the Washington-based Riggs Bank, is to open a subsidiary operation in Jersey because of the British dependency's "pre-eminence". Riggs Bank and Trust Company (CI) Ltd, which has been granted a licence to operate by the Jersey Financial Services Commission, is expected to open its doors in December.
Parent company Riggs Bank NA plans to launch an international private banking business in October offering a full range of wealth management services from London. The new firm in Jersey, which has also been granted a Regulation of Undertakings and Development licence for five staff, will complement the London operation by providing a range of banking and fiduciary services to individuals and corporations.
The new firm will be chaired by Leslie Bechelet, who has worked for the Jersey Financial Services Commission and TSB Bank (CI) and was managing director of the Bank of Nova Scotia’s trust company in the Island. He says that Riggs Bank never considered setting up anywhere else but Jersey: 'When Riggs made the decision to establish a private banking network offshore, Jersey was just pre-eminent. It came straight here.' Mr Bechelet says that this was because of the Island’s impressive operating environment and its high business standards.
Richard Pratt, director general of the Financial Services Commission, has welcomed the decision by Riggs, which outsources work to its offices in Washington, Berlin and Miami, to come to the island. He said: 'Their decision to come to Jersey is a clear indication of the continuing success of our programme to reinforce our reputation as an international finance centre with the highest regulatory standards.'
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