Finance industry set to target Saudi Arabia and South Africa

AFRICA will move on to the radar as a potential place for Jersey's finance sector to secure new business, it emerged during a presentation last week.

Jersey Finance chief executive Geoff Cook
Jersey Finance chief executive Geoff Cook

AFRICA will move on to the radar as a potential place for Jersey's finance sector to secure new business, it emerged during a presentation last week.

Research been conducted by consultants McKinsey indicates that the growth in wealth from that continent was going to happen more quickly than many had considered.

And Jersey Finance says that it will now look at directing some of its business development and marketing efforts toward South Africa as a result.

The promotional body's chief executive Geoff Cook said that the Island already had strong connections with Africa with two leading banking groups having a presence in Jersey.

Comments for: "Finance industry set to target Saudi Arabia and South Africa "

Miles

Talk Talk but it won't change a thing for the working people. Maybe they should target Scotland, when food becomes scarce. Maybe the States should buy some Scottish land to feed the Jersey population in 2030. Job growth in Jersey is when 150 jobs go and 5 are created.......................

Mogit

Am i right in thinking this is the place that just cut off the head of an

au-pair, ah well - ALL HAIL THE MONEY GOD ! ! !

the future

As much as I applaud looking further afield for business, this is really the leaders sticking to English speaking countries because that is the language they speak.

There is lots of business in Russian speaking countries also, all the former USSR is developing at a phenomenal pace and no one seems to have any interest.

Suzanne

Are these locations not classed as "High Risk" countries? Is it because they are corrupt in many ways, have high levels of crime and fraud and source of wealth for many individuals is questionable?

Why would we want to be doing business with high risk locations? Or is it another case of we will do anything to earn a quick buck now and think about the possible consequences later?

James Wiley

No risk, no reward.

Anyway the JFSC is shutting down most small to medium trust companies soon it will just be the lawyers left (who they wouldn't dare touch) and the top 100 banks (who they wouldn't dare touch).

The lawyers have hefty professional indemnity insurances, so no risk there.

The Banks, well they are immune from prosecution, they just pay a small fine which is a tiny fraction of the profits they have made so it makes business sense to continue to act in an irresponsible and possibly fraudulent way - interest rate rigging, money laundering, market rigging... it's all just a day in the life of a banker. They just throw up a scape goat for a few years jail time now and again to keep the books neat.

Since the US and the UK turn a blind eye to it all, who are Jersey to do differently?

After all it is only the majority who suffer, the minority get richer by raiding the savings and pensions of honest hard working people. Funny thing is they are the ones who vote in the crooks.

the frenchie

More jollies for the Boys eh?!

Nick

Quite right. Girls would'nt be allowed in Saudi Arabia!

Pip Clement

Compare and contrast Jersey's attitude towards banks and Jersey Finance's attitude towards high net worth individuals.

Only the top banks are welcome but we are now fishing in Russia, Arabia, Africa, etc for private clients.

Who knows what we will catch.

Tax payer

Yes, I can imagine - the new 'rich' with a blind eye turned to how they got the riches.

Is Jersey going to allow armed body guards I wonder??

the thin wallet

i will do work for anyone ( almost anyone )

as i get no help from anyone but myself .

my wife would drive the arabian women around too.( if required )

put food on my table you are welcome to eat with us .

Overpopulated

Howabout President Assad of Syria, looks like he is going to be deposed - Jersey could welcome him - I am sure he has billions!

If money is all they are interested in - what could possibly go wrong?

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