Channel Islands-based Investec Bank has opened an office on the Isle of Man in Douglas, as the first bank to be granted a Class 1(3) licence under the Isle of Man's Alternative Banking Regime.
Isle of Man chief minister Howard Quayle was among the 130 guests at the official launch event held at the company's new office at the Old Court House, Athol Street.
Investec has been nurturing its relationship with the Isle of Man over a number of years but now has a physical presence in the Island, headed up by Mark Beresford and Jon Wagstaffe.
The Isle of Man provides a great opportunity to increase awareness of the Investec brand and our client-led approach to banking."
Mark Beresford said, "We are proud to have launched our services in the Isle of Man from what is a very prestigious office development in Athol Street. We look forward to growing our business here, having already successfully done so in Guernsey and Jersey.
"The Isle of Man provides a great opportunity to increase awareness of the Investec brand and our client-led approach to banking. We aspire to be the market leader in our field, by providing a high-quality, flexible and personal service that enables our clients to create, manage and grow their wealth."
Investec's initial focus in the Isle of Man will be on providing banking solutions to the Trust and Corporate sector, with the aim of expanding its services to private clients and family offices as the business grows.
Quayle added: "I am delighted to welcome Investec to the Isle of Man, the first new banking licence to have been issued here in over twenty years. Banking is crucial in supporting the whole economy and to see a global name setting up and calling the Isle of Man its home is significant.
"We strive to invest in and support businesses at all stages of growth and work to attract new enterprise as we continue to diversify our main financial services economy. It is pleasing to hear the future aspirations for Investec on the Isle of Man, and we all wish them every success with this new venture.''
Investec also has an Asset Finance business which provides hire purchase, finance lease and commercial loan facilities along with aircraft and marine mortgages to retail, SME and corporate clients, and a Wealth and Investment team based in Belfast, who come over to the Isle of Man on a regular basis and provide services to Isle of Man intermediaries.
Investec worked with Isle of Man Department for Enterprise and the Financial Services Authority, who were both very supportive in helping the bank establish a presence in the Island and have encouraged Investec's growth aspirations over the medium to long term.