By working together, Jersey has established a strong and enduring banking sector over the past 50 years. Many of the world’s largest banks are represented in the jurisdiction. There are 27* banks registered in Jersey, ranging from large global banks offering a full banking service to a broad range of local and international clients, to private banks and branches supporting the international wealth management of their global clients. Jersey’s banking sector works with worldwide trust and company service providers, fund managers, stockbrokers, investment managers, accountants including the ‘Big Four’ and some of the biggest names in the legal world, who together support the needs of their diverse and complex client base.
*at 30 September 2017
Emirates NBD, one of the largest banks in the GCC by assets and a leading banking group in the United Arab Emirates (UAE), has been represented in Jersey since the 1980s. The trust company Emirates NBD Trust Company (Jersey) Limited was established in 2001. The Jersey business provides fiduciary services to the Bank’s HNWI client base and is also involved in the fund administration for the Bank, being licensed to undertake all such work through its local partner, Fairway Group.
Ashburton Investments Part of the FirstRand Group
Ashburton Investments has over 30 years of Jersey heritage and is now part of Africa’s largest financial services company by market capitalisation. Ashburton manages a range of multi-asset and specialist equity solutions and serves clients globally from offices in Jersey, London and South Africa. The Jersey office managed £1.2 billion as at December 2016.
Another leading bank in the UAE, Abu Dhabi Commercial Bank PJSC (ADCB) launched its first branch in Jersey in 2011. The bank provides offshore savings solutions to its diverse base of over 650,000 individual customers. The majority of ADCB customers are expatriates working in the UAE, which is reflective of the UAE economy in general.
The Jersey office of Investec Bank (Channel Islands) Limited was established in 2007. It is part of Investec Specialist Bank and is a subsidiary of Investec Bank Plc. Investec was founded in South Africa in 1974 as a small leasing and financing company. It has since expanded to become an international specialist bank and asset manager providing a range of financial products and services to a niche client base in three principal markets, South Africa, the United Kingdom and Australia, as well as in other countries.
The Standard Bank Group is the largest African bank by assets, with a footprint across 20 African countries. Jersey has headquartered the Bank’s offshore operations for 25 years, offering its clients banking and wealth management solutions focused in Africa. It has relevant expertise and value propositions in offshore banking, institutional banking, fiduciary services, specialised lending and asset management.
Quilter Cheviot Part of Old Mutual Wealth
Discretionary investment management firm Quilter Cheviot opened a Jersey office in 1973. Old Mutual Wealth, an investment arm of South Africa’s Old Mutual, acquired Quilter Cheviot in 2015. The Jersey operation has one of the largest discretionary investment management teams in the Channel Islands, serving both private clients and professional intermediaries. Quilter Cheviot has offices across the UK and recently established its first Representative Office in Dubai.
Nedbank Private Wealth Part of the Nedbank Group
Nedbank Private Wealth is the international private wealth management brand within the Johannesburg-based Nedbank Group. Nedbank is the fourth largest bank in Africa and is majority owned by Old Mutual Plc, the FTSE 100 and Fortune 500 financial services group. Nedbank Private Wealth has held a banking licence in Jersey since 1994 and serves both international and South African clients. It provides a wide range of financial services including international banking and investments, through to fiduciary structures.
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