South Africa-based Investec Bank is now licensed to operate in the Isle of Man after getting the necessary approval from the authorities.
The Isle of Man has granted a new financial services licence to Investec Bank (Channel Islands) under the Island’s Alternative Banking Regime (ABR), according to a statement by the Isle of Man’s government.
Investec Bank (Channel Islands) is part of Investec Bank, a specialist bank and asset manager providing a range of financial products and services in three principal markets: the UK and Europe, Southern Africa, and Asia-Pacific.
The bank specialises in the provision of general banking and lending services to trust and corporate service providers licenced and regulated in its core offshore jurisdictions, as well as private banking for high net worth individuals and family offices.
The bank’s representative in the Isle of Man is Mark Beresford, who will be based in offices on Athol Street in the Island’s capital, Douglas.
Laurence Skelly, Minister for the Isle of Man Department for Enterprise, said: “It’s encouraging to see a household name like Investec taking advantage of the Island’s Alternative Banking Regime. The diversification of our financial services economy is essential in ensuring Isle of Man businesses have the right environment and support needed to flourish.”
The Isle of Man Government introduced the ABR in 2016 with the aim of attracting new banks to the island. The promotion of the ABR is managed by the Department for Enterprise.