Business Panel: Robust IFCs attract banks

Business Panel: Robust IFCs attract banks

Noel McLaughlin, chief operating officer, Butterfield Bank, replies:

THE first bank founded in Jersey was established by Hugh Godfray, a wine merchant, in June 1797.

As the newest bank in Jersey, Butterfield is following in a long line of tradition.

According to Jersey Finance, there are more than 20 bank branches and subsidiaries, and 28 banking licences in Jersey today, which include nearly half of the top 25 banks in the world.

The number of banking licences in Jersey peaked at 82 in 1997 after 25 years of growth.

The reasons for the fall in numbers are varied, but the latest industry trends show that there has been a period of market adaption.

Jersey remains a pre-eminent International Finance Centre, and banking is the cornerstone.

Challenges such as managing continued changes in legislation, Brexit and cyber security, to name but a few, still remain.

However, there continue to be significant opportunities.

Jersey’s banking model is diverse and able to provide a wide range of services in various markets, which is why it is home to so many leading global banking organisations.

Butterfield, which set up a new bank in Jersey in 2018, having had a presence in Guernsey for more than 45 years, knows the Channel Islands’ market well.

Butterfield was attracted to Jersey as a jurisdiction because it provides political and economic stability with a forward-thinking and robust regulatory framework, making it an ideal destination in which to grow its presence in the offshore banking industry.

Banks, as well as other financial services institutions, will always be attracted to robust and transparent IFCs, which are held in high regard by regulators around the globe and are regularly endorsed through awards and listings.

Jersey was recently named as the leading IFC for the seventh time at the Citywealth Awards.

Jersey’s suite of services, stability and international outlook will ensure it remains a leading banking destination whatever challenges the future may bring, and Butterfield is proud to be part of that future.

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