Investec Bank (Channel Islands) Limited has been granted a new Class 1(3) financial services licence under the Isle of Man’s Alternative Banking Regime.

Investec Bank (Channel Islands) Limited (IBCI) is part of Investec Bank plc and has offices in Guernsey and Jersey.

The bank specialises in the provision of general banking and lending services to trust and corporate service providers licenced and regulated in its core offshore jurisdictions, as well as private banking for high net worth individuals and family offices.

The bank’s representative in the Isle of Man is Mark Beresford, who will be based in offices in Athol Street, Douglas.

Mr Beresford said: ‘We are delighted to now be granted a licence to operate in the Isle of Man.

‘Investec has a strong brand and an excellent reputation for providing specialist banking and lending solutions to trust and fiduciary clients and we are looking forward to working closely with clients in the Isle of Man.

‘The Isle of Man provides a great opportunity to increase awareness of the Investec brand in a new jurisdiction and continue its fantastic growth path by building on the success we have already experienced in the Channel Islands, by delivering a real client-led approach to banking’.

The Isle of Man Government introduced the ABR in 2016 with the aim of attracting new banks to the island.

Laurence Skelly MHK, Minister for the Department for Enterprise, said: ‘It’s encouraging to see a household name like Investec taking advantage of the island’s Alternative Banking Regime.

‘The diversification of our financial services economy is essential in ensuring Isle of Man businesses have the right environment and support needed to flourish.’