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Channel Islands bank launches in IoM

Channel Islands bank launches in IoM

Friday 18 October 2019

Channel Islands bank launches in IoM

Channel Islands-based Investec Bank has opened a new office in the Isle of Man.

The firm opened its new offices at The Old Court House on Athol Street in Douglas after becoming the first bank to be granted a Class 1(3) licence under the Isle of Man’s new Alternative Banking regime.

Investec says it 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.


Pictured: The Isle of Man office will be led by Mark Beresford and Jon Wagstaffe.

“We are proud to have launched our services in the Isle of Man from what is a very prestigious office development in Athol Street," Mr Beresford said. "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 Isle of Man private clients and family offices as the business grows.

Isle of Man Chief Minister, Howard Quayle, commented: “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.’’

Pictured top: Hon. Laurence Skelly MHK, Minister Department for Enterprise; Mark Beresford, Investec Bank; Hon. Howard Quayle MHK, Chief Minister Isle of Man; Brendan Stewart, CEO Investec Bank (Channel Islands) Ltd; Hon. Alfred Cannan MHK, Treasury Minister and Jon Wagstaffe – Investec Bank. 

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