Skipton International, the Guernsey-based offshore division of Skipton Building Society, said it has passed the billion-pound mark in deposits, making it the equivalent to the 12th largest building society in the UK, were it to be located there.
Total deposits touched £1.075bn at the end of December, the company said.
Skipton International was formed in 2009 by the amalgamation of Skipton Guernsey, and Scarborough Channel Islands, and currently has savings customers in more than 100 countries around the world.
The company says it is planning to move to larger quarters in Guernsey sometime over the next few months, in order to accommodate additional staff, who it says are needed “to cope with increased demand from local and expat buy-to-let mortgages”, as well as to “create a flagship office” for the bank.
Skipton International managing director Jim Coupe, pictured, said the passing of the £1bn mark at the end of last year “confirmed our position as one of the leading banks in the Channel Islands, and on a par with some of the UK’s biggest building societies”.
Skipton’s Channel Island operations have grown to accommodate its increased size, growing its staff by 40% over the past three years and opening a Jersey mortgage sales office in 2014. It says it has been the largest provider of new mortgages for house purchase in Guernsey since 2010.
The bank has been flourishing in the expat and offshore arena at a time when many larger banks have been retreating from jurisdictions like Guernsey, Jersey, Gibraltar and the Isle of Man, as well as in more remote markets such as Asia, as they look to cut costs.
As reported, the Isle of Man’s financial regulator was recently revealed to be considering introducing a new banking model, to address a recent decline in the island’s traditional offshore banking sector, while in November, Guernsey treasury minister Gavin St Pier unveiled plans to encourage the creation of a new “‘savings and loans’-type institution” on the island.
Also last year, the Gibraltar government opened its own lending institution, the Gibraltar International Bank (GIB), to fill what it said was a need in the marketplace that had resulted from the departure of a number of key existing banking institutions from the jurisdiction.