MAJOR South African banking group FirstRand is to open a branch in Guernsey, part of a cluster of islands that form the Channel Islands. Though not a member of the EU, Guernsey has a special relationship with it, being treated as part of the European community for the purposes of free trade in goods.
In a statement yesterday, the FirstRand Group announced it had been issued a deposit-taking licence by the Guernsey Financial Services Commission for a new banking operation which would trade as FNB Channel Islands and would launch formally next year. “The bank enhances FirstRand’s presence in Guernsey as it already provides a wide range of fiduciary services through FNB International Trustees Limited – the specialist international offshore service provider of the FirstRand Group,” the statement said. This new branch will bring the total number of licensed banks in Guernsey to 31. “FirstRand is a welcome addition to the Guernsey banking market. The group is among the biggest financial services firms in South Africa and the fact that it has chosen Guernsey as a location for an offshore subsidiary reinforces the global and international nature of our banking industry,” said Fiona Le Poidevin, the chief executive of Guernsey Finance – the promotional agency for the island’s finance industry.
FirstRand shares rose 3.45 percent to close at R45.04 yesterday. – Staff Reporter